Yahoo Finance Bitcoin Rally Cools After Rise to Nearly $10,000 Meets Resistance
Investing.com – Bitcoin fell on Wednesday as it met stern resistance after coming close to an important $10,000 psychological level.
Bitcoin fell 4.77% to $9,008.6 on the Bitfinex exchange after hitting an intraday high of $9,761.5.
Some said the move in bitcoin close to $10,000 triggered technical resistance – trading levels that trigger selling – pressuring the popular crypto to give up its recent gains.
Meanwhile comments from Nasdaq CEO Adena Friedman suggesting the company “would consider” becoming a platform for trading cryptos also garnered attention.
Friedman said, however, that the lack of regulation in the crypto space was a headwind that needed to be sorted out to pave the way for a ramp in institutional demand.
Other large-cap cryptos followed bitcoin’s move lower but sentiment on cryptocurrencies remained steady as the total crypto market cap fell modestly.
The total market cap of cryptocurrencies fell to about $397 billion, at the time of writing, from about $432 billion on Tuesday.
Ripple XRP fell 12.33% to $0.81800 on the Poloniex exchange, while Ethereum fell 10.24% to $635.48. Bitcoin Cash fell 9.30% to $1,334.70, while Litecoin fell 10.53% to $147.61.
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