Breaking News

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

ForexJun 19, 2017 03:57PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email