Bitcoin is under pressure and leading the crypto market lower
- Bitcoin is down 2.8% on Wednesday morning while other major cryptos are down as much as 9%.
- The declines extend a market slump that began at the start of the month.
- You can follow live cryptocurrency prices on Markets Insider.
LONDON - The price of bitcoin is slipping on Wednesday, extending a poor run for the digital currency.
Bitcoin is down 2.8% to $6,531.86 at 8.15 a.m. BST (3.15 a.m. ET). It extends a slump for the cryptocurrency, which has fallen 13% since the start of the month.
Recent positive news has failed to provide much support for bitcoin. ICE, the owner of the New York Stock Exchange, announced plans earlier in the week to launch a new platform in partnership with Microsoft and Starbucks that aims to bring bitcoin and other digital assets more into the mainstream.
Other major digital tokens are also under pressure:
- Ethereum is down 1.5% to $372.23
- XRP is down 7.5% to $0.34
- Bitcoin Cash is down 5.4% to $621.16
- EOS is down 8.9% to $6.04
- Stellar is down 5.6% to $0.21
- Litecoin is down 2% to $66.03
Analysts for FXPro, a London-based foreign exchange broker, said in an email on Tuesday: "The crypto market cap lost 20% in the last 2 weeks, falling from $300 billion to $250 billion. Although analysts remain bullish on the BTC perspectives, currently they warn us to be cautious.
"In the short terms, technical analysis is still on the bears' side. The benchmark currency [bitcoin] doesn't have important levels of consolidation near current trading marks. It means that after a short pause the bitcoin could slide down to the nearest consolidation level close to $6,200 mark, and even lower to $5,800."
A report released on Wednesday found that ICO tokens - digital assets issued by startups to raise cash for projects - had an average return of -55% in the second quarter, pointing to extended weakness across the sector.
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