CryptoWatch: Bitcoin sees muted action, again falls short of key long-term trend line


Digital currencies took a pause Thursday, with most major assets trading in relatively tight ranges.

The No. 1 digital currency, bitcoin

BTCUSD, +1.38%

, slipped back below $9,000 early Thursday, trading to its lowest level of the week at $8,660.87. However, an afternoon recovery saw the price move back into the green, trading at $9,093.18, up 0.2% since Wednesday levels at 5 p.m. Eastern Time on Kraken.

Despite Wednesday’s sluggishness, industry participants remain upbeat, with the price of bitcoin still 30% above its April low.

“Overall, things remain positive,” said Charles Hayter, co-founder of CryptoCompare. “The Nasdaq’s holistic approach to bitcoin and digital currencies where everything should trade anywhere at anytime shows a long-term vision for the space.”

Hayter added that the news that crypto exchange Revolut had raised $250 million shows venture-capital money is slowing increasing its push into the cryptocurrency and fintech industries.

Read: ‘OK, I’ll say it: bitcoin is a scam,’ says the former CEO of PayPal and Intuit

Revolut valued at $1.7 billion

London-based Revolut announced Thursday it had raised $250 million in Series C funding led by Hong-Kong based DST Global, putting the value of the company at $1.7 billion.

The firm offers debit cards that can be used in more than 150 currencies as well services to trade cryptocurrencies, according to the company’s website. Revolut said it is planning further expansion in 2018.

“We’ll be launching in the United States, Canada, Singapore, Hong Kong, Australia and New Zealand this year, with many more countries in the pipeline,” the company said in a blog post. “Collectively, over 100,000 people have signed up to our waiting lists with thousands joining every day.”

Bitcoin fall short of 200-day moving average — again

The one concern for crypto investors is on the technical front. After a good two-week run, traders had hoped the momentum would take bitcoin through its 200-day moving average and test the psychologically significant $10,000 level. Moving averages tend to be used by market technicians as a gauge of bullish and bearish momentum.

However, bitcoin’s uptrend halted in its tracks Wednesday, just shy of the crucial level, falling more than 10% at one point.


The 200-day moving average has provided stiff resistance in the past. A mid-March rally took bitcoin above $9,000 before falling shy of the momentum-indicator.

What are altcoins and futures doing?

Meanwhile, ether

ETHUSD, +1.36%

climbed 1% to $642.00; bitcoin cash

BCHUSD, +2.67%

  added 2.3%, trading at $1,362.00; Litecoin

LTCUSD, +0.76%

 was up 0.3% at $149.48; and Ripple’s XRP

XRPUSD, +0.38%

 was at 83 cents, up 2%.

Bitcoin futures finished relatively unchanged Thursday. The Cboe’s May contract

XBTK8, +1.87%

 closed at $9,090, up 0.2% and the CME Group Inc.’s April contract

BTCJ8, +4.12%

 finished at $8.865, down 0.9%.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard

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