Bitcoin gains bucking the lower crypto trend

July 30, 2018
Chris Wheal

Bitcoin held the $8,000 level on Monday despite most of its cryptocurrency rivals falling in value.

Cryptocurrencies fall, but bitcoin manages to hold the $8,000 level

The newsflow in recent sessions has been somewhat disappointing and may have contributed to recent losses in the digital currencies market.

ETFs rejected

Late last week the US Securities and Exchanges Commission rejected the listing of a bitcoin exchange-traded fund (ETF) on Bats Exchange. Meanwhile, the Chicago Mercantile Exchange said it had no plans to list altcoin ETFs.

Also last week, Galaxy Digital Ventures, the cryptocurrency-focused merchant bank, posted a $134m loss in its first quarter.

Gallup poll

Over the weekend, Gallup produced a poll that showed US investors were wary of bitcoin and had little interest in buying the top cryptocurrency.

Lydia Saad at Gallup said: “Our surveys have found in the past, most US investors prefer to play it safe with their investments, opting for security over growth.”

She added, however: “Looking to the future many younger investors who currently say they are intrigued may be converted to investors once the currency goes more mainstream.”

Nevertheless, bitcoin managed a small gain and held on to the key $8,000 level that it passed last week for the first time in two months.

Price round-up

Here’s a round-up of the price moves for the top 10 cryptocurrencies by market capitalisation on Monday morning [London time] at around 11am:

  • Bitcoin +0.4% at $8,172
  • Ethereum -0.2% at $463.07
  • Ripple -0.2% at $0.45
  • Bitcoin cash -0.3% at $819.04
  • Eos -0.7% at $8.17
  • Stellar lumens -3.3% at $0.30
  • Litecoin -0.5% at $83.26
  • Cardano -1.9% at $0.16
  • Iota -2.3% at $1
  • Tether flat at $1

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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