Investing.com | Sep 09, 2018 11:33PM ET
Bitcoin and other cryptocurrencies gained ground on Monday morning
Investing.com - 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.”
Written By: Investing.com
Thank you for trying AMP!
You got lucky! We have no ad to show to you!
Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.