Crypto Markets Rebound As Bitcoin Climbs Above $10,000

Date | 27-02-2018 - 03:25 PM Article Type | Stock Markets Region | World

© Reuters. The crypto markets climbed back up on Tuesday – The crypto markets climbed back up on Tuesday, with most of the digital coins in the green and Bitcoin trading above $10,000.

Bitcoin was trading at $10,245.0 by 1:45pm ET on the Bitfinex exchange, gaining 6.17% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, was up 2.38% at $872.09 on the Bitfinex exchange.

Ripple’s XRP token gained 3.43% to $0.92578 on the Poloniex exchange.

Meanwhile, Litecoin underperformed and traded 5.27% lower to $215.50.

Litecoin was in focus on Tuesday as its payment processor LitePay was due to launch later in the day, according to an announcement it posted on Twitter, but reports citing an email LitePay sent to its subscribers today suggested that its card registration process would be delayed indefinitely due to “hostile action by card issuers towards crypto companies".

The lack of clarity regarding consumer registration has put the digital coin under pressure and was cited as headwind for its price. Litecoin rocketed to $234 from $160 following the announcement of a release date earlier this month.

Elsewhere, Bitcoin climbed above $10,000 Tuesday, shrugging off the European Union’s warning of tighter regulations.

"We do not exclude the possibility to move ahead (by regulating cryptocurrencies) at the EU level if we see, for example, risks emerging but no clear international response emerging,” said European Union financial services chief Valdis Dombrovskis.

Author: Heng V. Mony
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