Cryptocurrencies Gain Ground, Bearish Sentiment Remains

Cryptocurrencies Gain Ground, Bearish Sentiment Remains  | Sep 09, 2018 11:33PM ET

Bitcoin and other cryptocurrencies gained ground on Monday morning - Bitcoin and other cryptocurrencies gained ground on Monday morning in Asia, but the gains are slight compared to the losses they have sustained over the past couple of weeks.

Bitcoin rose 2.06% to USD6,304.30 as of 11:38PM ET (03:38 GMT) on the Bitifinex exchange. Ethereum jumped 5.02% to $200.63. XRP/USD was up 1.72% over the previous 24 hours to 0.27737 on the Poloniex exchange. Litecoin was up 5.51% to $55.679.

But the gains may be limited, as cryptocurrencies deal with a number of setbacks.

Bitcoin, the first and most popular cryptocurrency, lost about 15% of its value last week.

Cryptocurrencies have taken multiple hits over the past couple of weeks and prices have dropped sharply.

On Sunday, the bad news continued when the U.S. Securities and Exchange Commission (SEC) suspended trading in two products that track cryptocurrencies. The SEC said its decision was based on market confusion about the nature of the products. It stopped trading in Bitcoin Tracker One and Ether Tracker One funds at least until September 20. Both are listed on Nasdaq.

China has also taken steps to ban cryptocurrency trading, but reports suggest some Chinese investors are finding ways around the blocks. Cryptocurrency exchanges popular with Chinese investors have moved their servers outside the country, making it harder for regulators in China to block access.

On Sunday, Ethereum co-founder Vitalik Buterin told Bloomberg in Hong Kong that the “blockchain space is getting to the point where there’s a ceiling in sight… There isn’t an opportunity for another 1,000-times growth in anything in the space anymore.”

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