Cryptocurrency prices continued slumping Monday. The recent slide for some of the largest cryptos has seen the total market value of the digital currency space dwindle to around $640 billion and some market observers believe more near-term weakness is in store for the crypto space.
Last week, bitcoin prices slumped amid news that Goldman Sachs is cooling on digital currencies. Bitcoin was stung last week by news that Goldman Sachs is on the verge of scrapping its plans to have a digital currency trading desk. The ebbs and flows of Bitcoin’s price have been dependent upon news of institutional trading firms like Goldman Sachs and BlackRock getting involved in cryptocurrencies.
“BTC prices have been floundering over the weekend and it has been the ETH market that has been the focus of attention and the focus of selling so far in the market. The BTC market has also been suffering but it has been able to survive fairly better when compared to the ETH market that seems to have borne the brunt of the latest round of selling,” reports FXEmpire.
Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
Bitcoin Range-Bound
Traders expect bitcoin, the largest digital currency by market value, to remain range-bound over the near-term.
“It is apparent that the retail traders are beginning to lose interest over the fact that the market has not been giving them the liquidity and the volatility that we had seen over last year and this has certainly put off the day traders and the speculators,” according to FXEmpire.