Bitcoin was trading marginally higher on Friday, but was set to book its second consecutive week of losses following the recent route.
In Friday trading, a single bitcoin
BTCUSD, + 1.02%
it raised $ 5,535.40, up 0.5% from Thursday at 17:00 Eastern Time on the Kraken crypta exchange. For the week, the market value of all cryptocurrencies declines by $ 28 billion, according to CoinMarketCap data.
After the decline on Wednesday, cryptocurrency investors have started adjusting their wallets accordingly, says Daily FX technical analyst Fan Xu.
"Retail merchant data show that 79.9% of traders are net long with the ratio between long and short traders at 3.98 to 1. The number of net traders is 7.6% lower than yesterday and by 9.7% compared to last week, while the number of net-short traders rose 24.7% compared to yesterday and 30.8% more than last week, "he wrote.
To read: Because bitcoin prices are staging a new slump
Nvidia has "crypto hangover"
Nvidia Corp., which reported Thursday's third-quarter earnings, appears to be affected by the crisis in the cryptocurrency market. The chip maker claimed that its third quarter included a $ 57 million commission for "components and chips of the previous architecture following the sharp decline in the encryption demand". In a follow-up call, Chief Executive Jensen Huang told MarketWatch that "the cryptic hangover lasted longer than we expected."
The boom in cryptography has provided a lucrative secondary market for Nvidia that sells digital coin miners. However, with declining major cryptocurrencies declining, demand for equipment has declined.
Read: Opinion: & # 39; Crypto hangover & # 39; has Nvidia staggering in the holidays with a strong headache
Bitcoin money struggles
After updating to the net and the hard fork, Bitcoin Cash (the original Bitcoin Cash) continues to struggle as investors remain cautious about the future of the fourth digital currency. Friday, Bitcoin Cash
it was down 7% to $ 346.00.
To read: What you need to know about Bitcoin Cash's "hard fork"
Elsewhere, altcoins or coins other than bitcoins, were mostly inferior. Ether,
ETHUSD, + 0.87%
it was down 1.1% to $ 173.14, Litecoin
was down 2.1% to $ 42.01 and XRP,
XRPUSD, + 0.46%
rose 0.4% to 46 cents.
Bitcoin futures ended on Friday higher. The December contract for Cboe Global Markets
XBTZ8, + 0.37%
finished the 1% to $ 5.417.50 and the November contract of the CME group
finished 0.5% to $ 5.450.
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