Home Cryptocurrency Bitcoin Fears of regulation keeps bitcoin under pressure

Fears of regulation keeps bitcoin under pressure

3 min read

Digital currencies continue to move lower, with all major coins trading in the red early Tuesday.

Bitcoin, the worlds largest digital currency, continues to struggle for gains above $8,500, as worries over increased regulation kept a the No. 1 digital currency in check.

“The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation,” said Naeem Aslam, chief market analyst at Think Markets.

A single bitcoin

BTCUSD, -2.14%

 last changed hands at $8,225.74, down 2.2%, since Monday’s levels at 5 p.m. Eastern Time on the Kraken exchange.

Read: Opinion: Bitcoin isn’t the first revolutionary currency

Narrowing range means breakout is coming

While gains above $8,500 are hard to come by, the support around the $8,000 is holding, and as the range tightens, the probability of a breakout is growing. “The technicals are pointing to a breakout to the downside,” said Aslam. “However, my gut feeling is, and remains that the breakout will be to the topside.”


Bitcoin has spent nearly six weeks trading inside the $7,800 — $10,000 range.

Read: A recent shift in Uranus means big things for cryptocurrencies

Altcoins under pressure again

Altcoins, or digital coins other than bitcoin, are all in the red to begin Tuesday. Ether

ETHUSD, -2.72%

which runs on the Ethereum network, is down 1.5% to $686.87, Bitcoin Cash

BCHUSD, -5.11%

has lost 5.7% to $1,167.70, Litecoin

LTCUSD, -2.06%

 is off 1.9% at $132.67 and Ripple’s XRP coin

XRPUSD, -1.40%

is down 1.5%, last trading at 67 cents.

Futures are threatening to give up Monday’s gains, opening lower Tuesday. The Cboe June contract

XBTM8, -1.67%

 is off 2.3% at $8,200, while the CME May contract

BTCK8, -1.85%

is down 2.3% at $8,185.

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