The world’s largest digital currency is creeping towards its lowest level of the week trading at $6,379.96, down 0.9% since Thursday at 5 p.m. Eastern Time on the Kraken exchange. A move below $6,330 for bitcoin BTCUSD, -1.46% would mark a new low for the week.
For Charles Hayter, co-founder of CryptoCompare it’s business as usual for crypto participants. “The $6k mark remains fairly solid, volumes are on the lighter side but we are still seeing some positive steps, albeit slowly,” he said, citing Fidelity’s decision to open a cryptocurrency trading business for institutional investors.
Hayter added that after the hype cycle of 2017, the market is slowly working its way out of the 2018 negative cycle.
Altcoins and futures moving lower
Altcoins, the group of more than 2,100 smaller coins other than bitcoin, were trading lower on Friday. Ether, ETHUSD, -2.19% the second-largest altcoin was down 1.4% at $209.66, Bitcoin Cash BCHUSD, -4.77% was off 1.8% at $578.00, Litecoin LTCUSD, -3.42% had lost 2.4% at $51.71 and XRP, XRPUSD, -1.41% was trading at 50 cents, down 0.5%.
Futures are looking at two losing sessions to close out the week. The Cboe Global Markets November contract XBTX8, -1.36% was down 1.1% at $6,355 and the CME Group November BTCX8, -1.17% was lower by 0.9% at $6,350.