Bitcoin looked to stop the rot Thursday, trading marginally higher in early trading in New York.
After a stellar July, the No. 1 digital has logged four consecutive losing days��something it hasn��t done in five months��putting a dent in its recent momentum.
However, U.K. analyst Nigel Green believes the selloff is temporary. While bitcoin ��might not have reached its 200-day moving average on the topside, cryptocurrency markets do fluctuate more than traditional ones,�� said Green in an email to MarketWatch. ��We assume this is just a temporary drop and we can expect the price to rise again shortly.��
After briefly dipping below $7,500 late Wednesday, bitcoin BTCUSD, +1.02% �has moved into positive territory, last trading at $7,581.31, up 1.3% since Wednesday 5 p.m. on the Kraken exchange.
Read: Bitcoin mining poses threat to Paris climate-change accord, study finds
Coinbase customers can now transact in GBPCryptocurrency exchange Coinbase announced Wednesday its customers can now make deposits and withdrawals in British pounds making it easier and more attractive for U.K. clients to trade on the popular San Francisco-based exchange.
Customers in the U.K. previously had to transact in foreign currencies meaning longer delivery time and additional foreign exchange fees.
��Until now, the process of converting bitcoin, bitcoin cash, ethereum and litecoin into euros and then into pound sterling, via international bank transfer, took several days. Customers will now be able to transfer pound sterling and use it to directly buy and sell these cryptocurrencies,�� said Coinbase.
Read: A total collapse in bitcoin is a real possibility, says Nobel Prize��winning economist Krugman
Futures off to a quiet startAltcoins, or coins other than bitcoin, are mostly higher Thursday. Ether ETHUSD, +1.14% was up 1.5% at $415.52, Bitcoin Cash BCHUSD, +0.66% is trading higher by 0.8%, at $749.50, Litecoin LTCUSD, +0.50% has added 0.9% to $76.58 and Ripple��s XRP XRPUSD, -0.69% coin is down 0.4% at 44 cents.
Bitcoin futures are off to a slow start. The Cboe Global Markets Inc. contract XBTQ8, +0.33% �is up 0.5% at $7,565 and the CME Group Inc.��s August contract BTCQ8, -0.13% is down 0.1% at $7,535.
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Aaron HankinAaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.
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Comment Quote References BTCUSD +76.59 +1.02% ETHUSD +4.67 +1.14% BCHUSD +4.90 +0.66% LTCUSD +0.38 +0.50% XRPUSD +0.00 -0.69% XBTQ8 +25.00 +0.33% BTCQ8 -10.00 -0.13% Show all references MarketWatch Partner Center Most Popular
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