Cryptocurrency prices traded sideways on Thursday, in what has been a subdued action in the digital currency market.
the world’s largest digital currency, is trading $3,626.07, unchanged since Wednesday at 5 p.m. Eastern Time on the Kraken crypto exchange, and since this time, the cryptocurrency has traded within the $3,575-$3,635 range.
Sub $3,380 could spell trouble
A Twitter user that goes by the name Crypto Don, with a wide following, said a number of lower highs has kept bitcoin at the bottom of its range, but until support at $3,380 breaks, he expects the medium-term range of $3,380 to $3,700 to hold.
He said the lack of direction has kept him on the sidelines: “I’m personally not interested in trading this trading range.”
$BTC not so daily update:
Chilling in the lower part of the current trading range after having put in a few consecutive lower highs.
As long as we stay below the POC I’ll most likely stay hedged.
I’m personally not interested in trading this trading range.
R: ~3700 pic.twitter.com/9Oo78Dkl8e
— DonAlt (@CryptoDonAlt) January 16, 2019
Grayscale launches new investment trust
New York-based Grayscale Investments said on Thursday it has launched its 10th investment vehicle, the Grayscale Stellar Lumens Trust. The trust would give investors exposure to XLM, the currency that runs on the Stellar network, which is the sixth largest digital currency by market cap, according to data from CoinMarketCap.
Stellar is an open-sourced payment protocol that is often used to facilitate cross-border transactions.
What are altcoins and futures doing
Altcoins — the group of coins other than bitcoin — are mixed in Thursday trading. Ether
was off 0.9% at $121.07, Litecoin
was down 1.9% to $30.70, Bitcoin Cash
gained 0.6% to $127.90, and XRP,
was up 0.1% at 33 cents.
Bitcoin futures were off to a mixed start to the trading day too. The Cboe Global Markets February contract
was down 0.6% at $3,570, while the CME Group February contract
was up 0.6% at $3,565.
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