Bitcoin prices fell Tuesday, continuing to erase recent gains that saw the digital currency briefly trade above $4,000 on Saturday — the first move above the psychologically important level since Jan. 10.
In Tuesday trade, one bitcoin
was fetching $3,791.40, down 0.3% since Monday’s level at 5 p.m. Eastern time on the Kraken exchange.
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What are analysts saying
Following the news that Coinbase has listed XRP, the digital currency that runs on the Ripple protocol, market analysts have touted the news as a further step in the maturation of the opaque industry, despite little price reaction.
“Several rumors that circulated during the 2017 bull run were thought to have a profound impact on the price. Even though at the time they were unsubstantiated, it wouldn’t be uncommon for XRP to rise by double digits on sheer anticipation,” wrote Mati Greenspan, senior market analyst at eToro.
“In the bear market however, even fantastic news that will no doubt allow many to access this market more freely is having less of an impact on prices.”
Altcoins and futures
Altcoins, or digital currencies other than bitcoin, were moving lower on Tuesday. Ether
was down 0.3% at $135.39, Litecoin
fell 1.6% to $44.35, Bitcoin Cash
was trading 0.8% lower at $131.50 and XRP,
lost 2.7% to 32 cents.
Bitcoin futures logged their second straight losing session on Tuesday. The Cboe Global Markets March contract
ended down 0.4% at $3,787.50 and the CME Group March contract
finished the session down 1.3% at $3,775.
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