Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin's Rebound Fades as Traders Abandon Bullish Bets

Published 06/26/2018, 04:48 PM
Updated 06/26/2018, 04:48 PM
© Reuters.

© Reuters.

Investing.com – Bitcoin's fightback Tuesday proved to be short lived as traders ditched their crypto holdings, triggering a broad-based decline in the wider market.

Bitcoin fell 1.50% to $6,286.6 on the Bitfinex exchange.

Bitcoin traded in a narrow $160 range amid light trading volumes as its rebound to a high of $6,334.2 a day earlier was met with stern resistance, prompting traders to pull billions from the market.

The total market cap of cryptocurrencies fell to about $249 billion, at the time of writing, from $257 billion at the end of last week.

Some analysts have noted previously that a shrinking market cap, points to sluggish demand, denting the prospect of a sustainable recovery in the crypto market.

Bitcoin continued to lead direction in the wider market as other large-cap cryptos also gave up gains.

Ripple XRP fell 2.18% to $0.46800 on the Poloniex exchange, while Ethereum fell 4.51% to $438.48.

Bitcoin Cash fell 5.19% to $716.66, while Litecoin fell 3.65% to $78.92.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.