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Bitcoin, Ethereum higher as cryptocurrencies recover from weekend slide

ForexJul 17, 2017 09:39
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© Reuters. Bitcoin, Ethereum push higher after weekend slide

Investing.com - Prices of Bitcoin and Ethereum halted their recent decline on Monday, bouncing back after suffering heavy losses over the weekend on the back of worries over a cryptocurrency bubble.

Bitcoin was at $2,081.10 on the U.S.-based GDAX exchange operated by Coinbase by 4:30AM ET (0830GMT), up about 6.6%, or $128.90.

The cryptocurrency plunged about 13% on Sunday from above $2,000 to as low as $1,758.20, a level not seen since May 16, as investors remained wary of initiating large positions amid growing concern over the future of the digital coin.

On August 1, Bitcoin improvement proposal 148 is scheduled to activate, and if the majority of developers fail to agree on the proposal, the cryptocurrency could split.

If that happens, Coinbase's GDAX exchange said in a blog post July 13 the exchange "will temporarily suspend the deposit and withdrawal of bitcoin on GDAX and may pause the trading of bitcoin as well."

Bitcoin prices have declined almost 30% since hitting an all-time high of $3,000 on June 11. Despite recent losses, it is still up nearly 62% since the start of the year.

Meanwhile, Ethereum, Bitcoin's closest rival in terms of market cap, was up 15.2%, or $23.70, to $179.64 in early trade. It dropped by more than 20% on Sunday to $130.26, its lowest level in more than a month.

Ethereum notched its fourth weekly loss in a row last week amid concern the cryptocurrency faces a period of correction after surging to record-highs.

Prices are down almost 55% since peaking at an all-time high close to the $400-level in mid-June, but still up about 1,8005 year-to-date.

Other prominent cryptocurrencies such as Litecoin, Ripple and Dash also bounced back from weekend losses of 15-to-25% to trade higher.

The cryptocurrency space reached a peak market cap of around $116 billion in June and since then has lost a whopping $38 billion, an almost 30% correction over the past one month, meeting the technical definition of a bear market.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

Bitcoin, Ethereum higher as cryptocurrencies recover from weekend slide

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