Bitcoin Remains Above $8,000 Despite Monday's Slip

Published July 31st, 2018 - 07:42 GMT
The digital coin rose above $8,000 last week amid rumors that the ETF would be approved, jumping almost 40% in July. (Shutterstock)
The digital coin rose above $8,000 last week amid rumors that the ETF would be approved, jumping almost 40% in July. (Shutterstock)

Bitcoin was down slightly Monday, but still held above $8,000 despite news of an exchange traded fund being rejected by U.S. regulators last week.

Bitcoin was trading at $8,148, falling 0.20% on the Bitfinex exchange, as of 8:13 AM ET (12:13 GMT).

The U.S. Securities and Exchange Commission said Thursday that it would not approve an ETF proposed by Tyler and Cameron Winklevoss because it would not be protected from manipulation.

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The digital coin rose above $8,000 last week amid rumors that the ETF would be approved, jumping almost 40% in July. The price of Bitcoin held after the news, despite the rejection.

Cryptocurrencies overall were flat. The coin market cap of total market capitalization was at $294 billion at the time of writing, not far from its peak of $299 billion on Sunday.

Ethereum, the second-biggest alternative currency by market cap, fell 0.78% to $461.20 on the Bitfinex exchange. Ripple, the third-largest virtual currency, decreased 0.54% to $0.44962, while Litecoin was at $83.047, down 0.77%.

In other news, technology company IBM launched a blockchain platform for financial services. The platform uses the same technology behind digital coins to record transactions and other data on a ledge or network. IBM’s platform, called LedgerConnect, is a proof-of-concept blockchain ledger aimed at financial services like know-your-customer processes, market data, derivatives processing and sanctions screening.

Other companies already offer blockchain services for financial businesses, including R3 and some banks that are working on their own technology.

Meanwhile, a poll from Wells Fargo found that U.S. investors aren't that interested in cryptocurrencies. Only 2% of investors in the U.S. own Bitcoin and less than 1% plan to buy it in the near future, the poll found. Around 26% of respondents said they were intrigued, while 72% said they have no interest in ever buying Bitcoin. The poll was conducted by Gallup and based on U.S. adults with $10,000 or more invested in stocks, bonds or mutal funds.


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