Bitcoin Pulls Back From 1-Month Highs, Holding Above $9,500
Published May 06, 2018 09:38AM ET
Bitcoin pulls back from 1-month highs, holding above $9,500
Investing.com - Digital currency bitcoin turned lower on Sunday, pulling back from the previous day’s one month highs, but remained supported above the $9,500 level.
Bitcoin was trading at $9,592.00 by 09:26 AM ET (13:26 GMT) on the Bitfinex exchange, down around 3.84% for the day.
The cryptocurrency reached $9,990.00 on Saturday, the highest level since March 7.
While it remains down significantly from its mid-December highs of almost $20,000 the coin continues to rebound from lows of around $6,000 reached in February.
Easing concerns over a clampdown on trading which roiled markets at the start of the year have helped prices recover.
Plans by Goldman Sachs to open the first bitcoin trading operation of any Wall Street bank have also helped to drive prices higher. It is a move that is likely to lend legitimacy to virtual currencies.
Other major cryptocurrencies also traded lower, with Ethereum, the world’s second largest cryptocurrency by market cap, down around 6% to $779.40 on the Bitfinex exchange.
The third largest cryptocurrency Ripple fell around 4.4% to trade at $0.86.
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Written By: Investing.com
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