Cryptocurrency prices extended losses Tuesday, jeopardizing a recent resurgence.
Bitcoin, which popped above $6,800 last week, is looking at back-to-back losses. The 48-hour selloff in the world’s largest digital currency has eroded more than half of the Sept. 19 to Sept. 22 rally.
In Tuesday trading, a single bitcoin
was worth $6,391.02, down 3.6% since Monday at 5 p.m. Eastern Time on the Kraken exchange.
Read: Going bearish on humans may be the ‘trade of our generation,’ says Morgan Creek Digital founder
Google lifts crypto ad ban
Tech-giant Google
GOOG, +0.82%
GOOGL, +1.06%
said Tuesday it has lifted its cryptocurrency ad ban to allow regulated exchanges in both the U.S. and Japan. In a press release, Alphabet, the parent company of Google said: “Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”
The initial ban, which was announced in March, was targeted at products such as initial coin offerings, or ICOs, capital raising tool for crypto ventures, due to ongoing fraudulent activity involved in the unregulated markets.
Altcoins slump in Tuesday trading
Altcoins, or coins other than bitcoin, are bearing the brunt of the Tuesday turnaround with some showing double-digital losses in early trading. The XRP
XRPUSD, -13.12%
coin that runs on the Ripple protocol has had an up-and-down few sessions, trading from below 30 cents to above 75 cents as financial institutions have begun to show interest in its payment product xRapid, that Nigel Green, founder and CEO of deVere Group said will be a game-changer that could see the price of a single XRP coin his $1.
“XRP will go on to gain more traction than many of its rivals because of its unique features, technologies and problem-solving capabilities,” he wrote.
“Many of these unique characteristics enable it to help businesses, including real estate and tech firms, to save money and speed up and add more security to transactions,” he said.
However, the XRP coin
XRPUSD, -13.12%
wasn’t faring so well Tuesday, last trading at 45 cents, down 13.2%.
Ether
ETHUSD, -10.73%
is threatening to trade back below the psychological $200 level, down 10.1% at $210.92, Bitcoin Cash
BCHUSD, -8.17%
has lost 7.7% at $431.70 and Litecoin
LTCUSD, -4.76%
was down 3.7% to $56.27.
Read: Opinion: If you want financial secrecy, bitcoin and other cryptocurrencies can’t deliver it
In futures trading, the Cboe Global Markets Group Inc.’s October contract
XBTV8, -3.63%
was off 3.7% at $6,365 and the CME Group Inc. September contract
BTCU8, -3.56%
was trading down 3.6% at $6,375.
Read: Battered bitcoin bulls are latching on to this seasonality chart
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Source : MTV
