Bitcoin prices were mostly unchanged Wednesday, extending what’s been relatively subdued period for the world’s largest digital currency.
In Wednesday trading, a single bitcoin
was last changing hands at $6,322.85, up 0.1% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange. Bitcoin has not traded outside the $6,100 to $6,600 range since Sept. 6.
Read: Battered bitcoin bulls are latching on to this seasonality chart
OTC demand remains
While bitcoin remains firmly in a bear market, institutional and large-scale investors still have an appetite to buy digital currencies at these levels, says one analyst. “On the OTC [over-the-counter-] front we are still seeing significant demand, many of it large orders, buying both bitcoin and ethereum at these levels,” said Naeem Aslam, chief market analyst at Think Markets U.K. “However, on the retail front, they are more in panic mode.”
Aslam said all eyes remain on the 2018 low below $6,000, which could portend lower moves for the asset.
Read: Ethereum technology could slice bitcoin’s market cap in half, says tech analyst
Ripple continues to lead altcoins
coin has added to gains from yesterday, trading up 2.6% to 32 cents. Hype is building around the potential rollout of the protocols xRapid product that proponents hope better facilitates cross-border transfers. Speaking on CNBC Monday, Sagar Sarbhai, who heads Ripple’s regulatory department said the product could go live ‘in the next month or so.’
Elsewhere, it’s a muted start to Wednesday trading for other altcoins, or smaller coins other than bitcoin. Ether
is up 0.1% at $208.00, Bitcoin Cash
was down 0.9% at $427.80 and Litecoin
was off 1.8% at $53.13.
Bitcoin futures have slipped in early Wednesday trading. The Cboe Global Markets Group Inc.’s September contract
was down 1% at $6,240, and the CME Group Inc. September contract
was off 0.4% at $6,250.
Read: Bitcoin is flirting with a new low for the year after the SEC stopped trading on 2 funds
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