Bitcoin prices fell Tuesday, extending losses from the previous session and putting the cryptocurrency on track for its fifth consecutive losing session.
A single bitcoin BTCUSD, -0.61% was fetching $3,428.32, down 0.5% since Monday’s level at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Earlier in the session, the cryptocurrency made a new low for the year at $3,344.80.
“There’s just no catalyst to push it [bitcoin] higher at the moment,” said Charles Hayter, co-founder of CryptoCompare. “The macro backdrop isn’t great and the ETF decision has dampened enthusiasm.” Hayter said he expects volumes to pick up in the coming weeks after a December lull.
Read: The global dominators you invest in when Apple and the chips are down
Investors haven't thrown in the towel just yet
Despite the prolonged crypto bear market, a survey by Bitwise Asset Management and ETF Trends found investors haven’t given up on nascent digital assets. The survey found 79% of advisers are fielding crytpo related questions, 22% plan to start or increase their crypto allocation in 2019 and more than half (55%) expect the price of bitcoin to rise over the next 5 years.
“After a year in which the Bitwise 10 Large Cap Crypto Index fell 78%, the survey shows that interest in crypto investing from financial advisers not only survived, but grew,” said Matt Hougan, global head of research for Bitwise Asset Management in a news release.
Read: From barely a murmur to revived talk for a central-bank crypto — here’s the bitcoin buzz from Davos
Altcoins mixed, futures lower
Digital currencies other than bitcoin, commonly known as altcoins, were trading higher on Tuesday. Ether ETHUSD, +0.86% was up 2% at $105.54, Litecoin LTCUSD, +1.39% rose 2.2% to $30.98, Bitcoin Cash BCHUSD, +0.37% is trading 2% higher at $111.20 and XRP XRPUSD, -1.15% was up 0.1% at 29 cents.
Bitcoin futures were tracking spot markets lower on Tuesday The Cboe Global Markets February contract XBTG9, -0.44% was down 0.4% at $3,370, while the CME Group February contract BTCG9, -0.59% fell 0.5% to $3,365.
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