Cryptos: Bitcoin Prices Steady But Cant Breach $3,500 Mark

Bitcoin prices were mostly unchanged on Tuesday, stuck in a tight trading range below $3,500.

In afternoon trading, a single bitcoin BTCUSD, +0.11%  was fetching $3,453.77, up 0.2% since Monday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency has spent the past 48 hours trading inside $3,410 - $3,460.

What are analysts saying

As the crypto bear market rolls on, it has become apparent that many projects are struggling to meet fundraising targets, according to Anthony Pompliano, founder of Morgan Creek Digital, which he described as the “worst secret in crypto.”

“We have seen fund managers, both experienced and inexperienced, fall short of fundraising targets, while also having to drastically shift strategies in an attempt to attract capital. Majority of the funds that have successfully raised capital to date have relied on individuals and family offices for the bulk of the capital,” he wrote.

Pompliano added that on top of the significant drawdown in crypto prices, investors have become gun-shy because of headline risk. “It is scary to many of them to allocate capital to an industry where daily headlines include words like ‘hack,’ ‘scam,’ or ‘money laundering,’” he added.

Read: Crypto exchange customers can’t access $190 million after CEO dies with sole password

Altcoins and futures

Altcoins, or smaller coins other than bitcoin, were showing small losses on Tuesday. Ether ETHUSD, -0.94% fell 0.8% at $105.70, Litecoin LTCUSD, -0.50% was off 0.5% to $33.73, Bitcoin Cash BCHUSD, -1.45% is off 1.3% at $116.10 and XRP, XRPUSD, -0.85% was down 1% at 29 cents.

Bitcoin futures were marginally higher early on Tuesday. The Cboe Global Markets February contract XBTG9, +0.22% rose 0.2% to $3,410, while the CME Group February contract BTCG9, +0.15% was up 0.3% at $3,405.

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