Bitcoin holds $ 6,000, but the pressure rises on a wider market

Bitcoin has held its ground above $ 6,000 Tuesday, with traders appearing to take stock after the recent dented selloff in many digital asset portfolios.

In Tuesday's trading, a single bitcoin

BTCUSD, -0.83%

went to $ 6,232.88, down 1.1% from Monday at 5:00. on the Kraken cryptocurrency exchange. The price of bitcoin has fallen by 14% since the beginning of September.

On Tuesday, the broader crypto market was much worse, with the main increases showing significant losses in early afternoon trading. The worst currency continues to be Ether, which collapsed to a minimum of 14 months of $ 182.64. Ether

ETHUSD, -6.52%

was the last at $ 184.00, down 6.3%.

Tuesday's slide brought the market capitalization of the second digital currency to below $ 20 billion, to $ 18.9 billion, according to data from CoinMarketCap.

Read: Traders are making record bets for the digital currency ether to fall

Other altcoins, or alternative bitcoin coins, are also trading lower. Bitcoin money

BCHUSD, -4.17%

fell 4.4% to $ 444.20, Litecoin

LTCUSD, -3.17%

fell 2.3% to $ 52.61 and the Ripple XRP currency

XRPUSD, -3.32%

was 26 cents, down 2.6%.

Bitcoin volumes decrease as contract eyes register low

Meanwhile, bitcoin futures volumes have declined. On Monday, only 1,965 contracts changed hands on the exchange of the CME Group, down 28.7% from Friday and down 72.2% from a month ago. Monday was also the lightest trading day in the last four weeks.


Bitcoin futures volume of the CME group

Al Cboe, Kevin Davitt, senior instructor for The Options Institute, said that a break of $ 6,000 will probably see a new test of the lows of 2018, which would also mark a historical minimum for the futures contract, which debuted in December.

"September's XBT futures rebounded on these levels on numerous occasions over the last three months, and if the market can not maintain the value of $ 6,000, traders will almost certainly observe the lows of the contract ($ 5,850) and lows historical futures XBT of $ 5,755 on June 29. "

Futures are monitoring spot markets on Tuesday. The September contract of Cboe Global Markets Group Inc.

XBTU8, -0.40%

was down 0.6% to $ 6.205, while the comparable contract of CME Group Inc. in September

BTCU8, -0.88%

fell 1.1% to $ 6.195.

Read: Bitcoin is flirting with a new low for the year after the SEC has stopped trading on 2 funds

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