Bitcoin is trying to find a bottom after a weekend selloff

Xavier Trudeau
Juillet 17, 2017

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

"In just over 30 days, the price of Bitcoin has fallen 38% from $3,018 on 12 June to a low of $1,866", stated the report.

Bitcoin prices have edged back above $2,000 after a weekend of losses that pushed the cryptocurrency below the key level.

According to CNBC, experts attributed the decline to a combination of factors, including worries about a potential split in bitcoin and blockchain startups possibly selling the large amounts of ethereum they have raised in the last several weeks.

OKEx, a digital asset trading platform launched by OKCoin.com, has announced that it will suspend bitcoin deposits and withdrawals due to potential risks that could result from the fork. Despite recent losses, it is still up almost 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.

On Sunday, it plunged more than 20 percent.

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.

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

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