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‘Cryptocurrency mania’ cools as bitcoin and ethereum eke out gains

ForexJun 19, 2017 03:57PM ET
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Investing.com – Prices of both bitcoin and ethereum traded tentatively higher on Monday, amid calls from analysts and regulatory officials urging investors to opt for caution in the wake of the recent rally which has spurred investor activity in the cryptocurrency market.

On the U.S.-based GDAX exchange, BTC/USD rose to $2,553.4, up 1.38%.

Fresh on the heels of posting its first weekly lost in nine-weeks, Bitcoin made a subdued start to the week, as investors appeared to hesitate to initiate large position as analysts have recently warned that the digital currency could be heading for bearish territory.

Goldman Sachs chief technician Sheba Jafari, recently warned investors that bitcoin faces selling pressure as it nears bearish territory, however, he supported the idea of reinitiating positions at lower levels of between $2,440 and $1,915.

In the UK, Financial Conduct Authority (FCA) director of strategy and competition Chris Woolard recently expressed his concern at the surge observed in cryptocurrency markets, warning that cryptocurrencies are unregulated financial instruments.

According to a news source, Woolard said:

"I am not saying that we view digital currencies as an inherently bad thing … but we do have to exercise a degree of caution."

Unlike bitcoin, ETH/USD started the week on the back of a three-week winning streak, trading close to $354.29, up 2.40%.

Despite the subdued day of action, investors remained optimistic that ethereum would be the alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain – a phenomenon referred to as “the flippening”.

‘Cryptocurrency mania’ cools as bitcoin and ethereum eke out gains
 

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