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.
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