Bitcoin trades lower, moves further from $4,000 level

Story by: AARON HANKIN

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 BTCUSD, -0.01%  was fetching $3,791.40, down 0.3% since Monday’s level at 5 p.m. Eastern time on the Kraken exchange.

Read: U.S. stock futures slip as Home Depot disappoints on earnings

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 ETHUSD, -0.36%  was down 0.3% at $135.39, Litecoin LTCUSD, -1.69% fell 1.6% to $44.35, Bitcoin Cash BCHUSD, -0.53% was trading 0.8% lower at $131.50 and XRP, XRPUSD, -2.77% lost 2.7% to 32 cents.

Bitcoin futures were looking at back-to-back losing sessions. The Cboe Global Markets March contract XBTJ9, -0.92%  was trading down 0.5% at $3,790 and the CME Group March contract BTCH9, -0.79%  is off 0.8% to $3,790.

Original story: https://www.marketwatch.com/story/bitcoin-trades-lower-moves-further-from-4000-level-2019-02-26

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