CryptoWatch: Bitcoin Pulls Back Further From $17,000; Ethereum Taps Record High

The price of a single bitcoin on Monday continued to back away from the $17,000 level it reached over the weekend, while another cryptocurrency, Ethereum’s ether, tapped a new high above $1,200.

On Monday, the bitcoin spot price BTCUSD, -5.50% BTCUSD, -5.50% was down 5.6% at $15,267.08, having hit around $17,135 on Saturday, according to CoinDesk.

Bitcoin futures for January BTCF8, -6.99% on the CME were changing hands at $15,425, a 7% drop from Friday’s settlement. On the CBOE, futures XBTF8, +12.21%  were changing hands at $15,470.

Meanwhile, ether coins on the Ethereum blockchain tapped a new all-time of $1,266.93 on Monday. It has since backed off to trade up 2.5% at $1,177, according to CoinDesk. Ether coins crossed a key psychological threshold above $1,000 for the first time ever last Thursday. Ether’s market cap of $118 billion is second only to Bitcoin’s $269 billion, according to CoinMarketcap.com.

Read: 7 cryptocurrencies to watch in 2018 if you’re on the hunt for the next bitcoin

The price of another cryptocurrency, Ripple coins, which surged 150% at one point last week, also continued to pull back. A single coin was changing hands at $2.56, a drop of 21% early Monday, according to CoinMarketcap.com. The research site also indicated a 8.1% drop to $15,669 for bitcoin.

Ripple’s climb last week was linked to speculation Coinbase could add the virtual coin to its offerings. Prices pulled back after the exchange said in a blog last Thursday that it had no plans to add new assets, and have continued to weaken.

Read: SEC, CFTC warn of risk of virtual currencies and initial coin offerings

RECENT NEWS

Gyrostat May Market Outlook: When The Cost Of Protection Falls - Signals For Portfolio Positioning

This monthly Gyrostat Risk-Managed Market Outlook does not attempt to forecast market direction. It... Read more

The Risk Most Portfolios Do Not Explicitly Manage

Most portfolios are constructed on a simple and widely accepted assumption: that equity risk will be r... Read more

Gyrostat April Outlook: The Changing Cost Of Protection

Signals For Portfolio Construction This monthly Gyrostat Risk-Managed Market Outlook does not attemp... Read more

What Advisers Misunderstand About Protection

Protection is rarely rejected outright. More often, it is misunderstood. Most advisers recognise th... Read more

Gyrostat Market Outlook: Looking Beyond The 30-day Volatility Headlines

This outlook examines how financial markets are pricing risk rather than attempting to forecast market... Read more

Gyrostat Capital Management: The Hidden Assumption In Most Portfolios - Stability

Markets do not usually fail portfolios. Assumptions do. Most portfolios are built with car... Read more