Digital currencies continue to move lower, with all major coins trading in the red early Tuesday.
Bitcoin, the worlds largest digital currency, continues to struggle for gains above $8,500, as worries over increased regulation kept a the No. 1 digital currency in check.
��The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation,�� said Naeem Aslam, chief market analyst at Think Markets.
A single bitcoin BTCUSD, -2.17% �last changed hands at $8,225.74, down 2.2%, since Monday��s levels at 5 p.m. Eastern Time on the Kraken exchange.
Read: Opinion: Bitcoin isn��t the first revolutionary currency
Narrowing range means breakout is comingWhile gains above $8,500 are hard to come by, the support around the $8,000 is holding, and as the range tightens, the probability of a breakout is growing. ��The technicals are pointing to a breakout to the downside,�� said Aslam. ��However, my gut feeling is, and remains that the breakout will be to the topside.��
BTC/USD Bitcoin has spent nearly six weeks trading inside the $7,800 �� $10,000 range.
Read: A recent shift in Uranus means big things for cryptocurrencies
Altcoins under pressure againAltcoins, or digital coins other than bitcoin, are all in the red to begin Tuesday. Ether ETHUSD, -2.65% which runs on the Ethereum network,�is down 1.5% to $686.87, Bitcoin Cash BCHUSD, -5.22% has lost 5.7% to $1,167.70, Litecoin LTCUSD, -1.86% �is off 1.9% at $132.67 and Ripple��s XRP coin XRPUSD, -1.40% is down 1.5%, last trading at 67 cents.
Futures are threatening to give up Monday��s gains, opening lower Tuesday. The Cboe June contract XBTM8, -1.61% �is off 2.3% at $8,200, while the CME May contract BTCK8, -1.79% is down 2.3% at $8,185.
CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization��all on one dashboard
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Quote References BTCUSD -182.38 -2.17% ETHUSD -18.50 -2.65% BCHUSD -64.60 -5.22% LTCUSD -2.52 -1.86% XRPUSD -0.01 -1.40% XBTM8 -135.00 -1.61% BTCK8 -150.00 -1.79% Show all references MarketWatch Partner Center Most Popular
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