Bitcoin prices fell Wednesday, extending the slide that has seen the cryptocurrency fall 5% since making a three-week high above $3,700 last week.
In early afternoon trading, one bitcoin, BTCUSD, -0.16% the world’s largest digital currency, was changing hands at $3,577.70, down 0.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency is on the brink of a third consecutive losing session.
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What are analysts saying
“Bitcoin continues to trade in a range with little fundamental news to drive prices action,” wrote Nick Cawley, analyst at Daily FX.
“The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long way below the 200-day MA. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790.” Market technicians use moving averages to help gauge bullish and bearish trends in an asset.
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In the news
According to court documents filed on Tuesday, embattled crypto exchange QuadrigaCX last week accidentally sent $370,000 worth of bitcoin to its now-deceased owner, Gerald Cotten. The documents state the bitcoins were sent to Cotten’s cold wallet, which make them likely irretrievable since he was the only person with the password to that digital wallet.
Continue reading here: Embattled crypto exchange accidentally sent $370,000 of bitcoin to dead owner
Altcoins and futures
Altcoins, or coins other than bitcoin, were trading mixed on Wednesday. Ether ETHUSD, +0.48% rose 0.8% to $120.55, Bitcoin Cash BCHUSD, +0.08% was unchanged at $120.50, XRP XRPUSD, +0.54% gained 0.6% to 30 cents and Litecoin, LTCUSD, -4.04% fell 4.1% to $41.07.
Bitcoin futures were tracking spot prices lower on Wednesday. The Cboe Global Markets February contract XBTG9, -1.11% fell 1% to $3,570, while the CME Group February contract BTCG9, -0.83% was trading at $3,575, down 0.8%.
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