Cryptocurrency prices were extending losses Tuesday, jeopardizing a recent resurgence.
Bitcoin, which popped above $6,800 last week, is looking at back-to-back losses. The 48-hour selloff in the world’s largest digital currency has eroded more than half of the Sept. 19 to Sept. 22 rally.
In Tuesday trading a single bitcoin
BTCUSD, -2.99% was worth $6,393.45, down 3.4% since Monday at 5 p.m. Eastern Time on the Kraken exchange.
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Altcoins, or coins other than bitcoin, are bearing the brunt of the Tuesday turnaround with some showing double-digital losses in early trading. The XRP XRPUSD, -11.81% coin that runs on the Ripple protocol has had an up-and-down few sessions, trading from below 30 cents to above 75 cents as financial institutions have begun to show interest in its payment product xRapid, that Nigel Green, founder and CEO of deVere Group said will be a game-changer that could see the price of a single XRP coin his $1.
“XRP will go on to gain more traction than many of its rivals because of its unique features, technologies and problem-solving capabilities,” he wrote.
“Many of these unique characteristics enable it to help businesses, including real estate and tech firms, to save money and speed-up and add more security to transactions. This is also why hundreds of financial institutions across the world are already working with XRP—and this is a trend that is set to continue and grow.”
However, the XRP coin XRPUSD, -11.81% isn’t fearing so well Tuesday, last trading at 44 cents, down 14.8%.
Ether ETHUSD, -9.88% is threatening to trade back below the psychological $200 level, down 11.2% at $208.14, Bitcoin Cash BCHUSD, -6.61% has lost 7.2% at $434.20 and Litecoin LTCUSD, -5.05% was down 5.9% to $54.98.
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In futures trading, the Cboe Global Markets Group Inc.’s October contract XBTV8, -3.18% was off 3.7% at $6,365 and the CME Group Inc. September contract BTCU8, -3.03% was trading down 3.6% at $6,370.
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