Bitcoin leads cryptos lower but remains best digital bet, top investor says

July 11, 2018
Chris Wheal

Bitcoin remains the best cryptocurrency for investors to back due to its functional use, the head digital asset trading at a global investment group told CNBC on Tuesday.

Cryptocurrency prices are falling: eos is down 20% in last seven days

Bart Smith, head of digital assets at Susquehanna International Group, told the Fast Money programme that bitcoin was the best asset for crypto investors because people were using it on a daily basis.

“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin,” Smith said. “The use case for bitcoin is valid today, which is the currency of the internet.”

Sentiment still weak

Smith’s comments, however, did little to lift the mood among crypto investors on Wednesday.

Bancor’s losses of $23m in a storage wallet hack on Monday has soured the mood this week, while continuing regulatory uncertainty has created further caution.

Meanwhile, technical analysis of bitcoin showed the leading cryptocurrency could drive further losses across the sector in the coming days after it slipped through the key $6,500 support level.

Eos, however, remained this week’s worst performing digital currency. While much of the confusion over the chaotic launch of the Eosio mainnet is fading, prices are failing to gain traction and it is now down more than 20 over the past seven trading sessions.

Price round-up

Here’s a round-up of today’s market moves at 10am London time:

  • Bitcoin is down 3.8% to $6,368
  • Ethereum has lost 4.4% to $438.04
  • Ripple sheds 3.1% to $0.45
  • Bitcoin cash falls 4.9% to $693.63
  • Eos tumbles 8.8% to $7
  • Litecoin eases 1.1% to $77.10
  • Stellar lumens sheds 6.3% to $0.19
  • Cardano slips 4.2% to $0.13
  • Iota falls 2.3% to $0.98
  • Tether is up 0.1% to $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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