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Bitcoin Remains Bearish as Cryptos Fall

CryptocurrencyAug 21, 2018 22:21
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© Reuters. Bitcoin was lower on Tuesday

Investing.com - Cryptocurrencies continued to fall on Tuesday, as Bitcoin remained in bearish territory.

Bitcoin fell 0.56% to $6,405.60 on the Bitfinex exchange, as of 8:13 AM ET (12:13 GMT).

Cryptocurrencies overall were down, with the coin market cap of total market capitalization was at $210 billion at the time of writing compared to $212 billion on Monday.

Ethereum, the second biggest alternative currency by market cap, fell 3.84% to $280.18 while Ripple, the third largest virtual currency, decreased 2.02% to $0.32992 and Litecoin was at $55.50, down 1.46%.

In other news, trading volumes at virtual currency exchange Coinbase fell by 83% to $3.9 billion from their all-time high of nearly $21 billion in January. Financial research company Bernstein said in a recent report that Coinbase could end up with an “unassailable competitive position” as traditional financial firms are unlikely to push into crypto spot trading in the near future due to worry over regulations and money laundering.

Still, exchanges are likely to double the amount of money they made last year, despite the fall in bitcoin and other digital coins, the report from Bernstein found, with Coinbase receiving about 50% of total revenues. Revenue at digital exchanages could increase to as much as $4 billion in 2018, compared to $1.8 billion in 2017.

Meanwhile, the volume of bitcoin futures listed at CME Group (NASDAQ:CME) doubled in July and rose in August, while Chicago-based rival Bitcoin Futures CBOE failed to grow as much, the Financial Times reported. The two exchanges are under pressure as a third company, Intercontinental Exchange, plans to offer its own bitcoin futures in November.

Bitcoin Remains Bearish as Cryptos Fall
 

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