Crypto Today: Bitcoin stalls the Asian rebound, but keeps $ 8100

Dhwani Mehta FXStreet

After having witnessed a volatile session a day before, Bitcoin, the world’s dominant cryptocurrency, stalled its recent upmove just shy of $ 8200 mark. The spot is now in a consolidative mode so far this session, defending a minor bid on $ 8100 barrier.

The Asian rebound can be attributed to the news that J P Morgan is reportedly getting into the bitcoin futures trading. The Wall Street Journal report said citing a person familiar with the situation: "J.P. Morgan is considering whether to provide its clients access to CME's new bitcoin product through its futures-brokerage unit."

Bitcoin was sold-off in Asia on Tuesday and fell as low as $ 7790 on reports of a $ 31 million theft of another cryptocurrency Tether, which sparked concerns over the security of digital coins. The digital currency staged a solid comeback and rallied hard to refresh record highs at $ 8380 in the US last session before reversing sharply to just under $ 8000 mark on the back of profit-taking. At the time of writing, BTC/USD gains +0.62% to $ 8140 levels, looking to test $ 8100 once again. Bitcoin has had a stellar year, rising more than 730%.

Meanwhile, the second most traded digital currency is Ethereum, ETH/USD, outperforming its rival Bitcoin. Ethereum market capitalization sits at $ 35 billion and trades at $ 364, up +1.30% on the day, after having found solid support just ahead of $ 350.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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