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Bitcoin prices fell for the second straight day on Tuesday, easing off a three-week high put in on Friday.
In late-morning trading, one bitcoin
BTCUSD, +0.40%
was fetching $3,576.10, down 0.5% since Monday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency has slipped 4% from its Friday high above $3,700.
Read: U.S. stock futures climb as lawmakers reach tentative shutdown deal
What are analysts saying
“We expect the final wave of desperation to take us to the mid-to-high $2000’s before the market starts the recovery,” wrote Tim Kelly, founder and CEO of BitOoda, a digital asset advisory firm. “We could be wrong, of course, and until the 2018 low is taken out (it has not been revisited yet), there is a possibility that the selloff is done.”
Kelly added that his downside target is $2,400 to $2,800 but a short covering rally could “easily take BTC to $4030-$4300 cluster of previous highs or even to $5600-$6000 support level that has become resistance”
In the news
Speaking at the Inside ETFs conference in Florida, Ric Edelman, founder of Edelman Financial Engines said a bitcoin-related exchange traded fund is only a matter of time. “It’s virtually certain. The only question is when,” he told CNBC late Monday.
Morgan Creek Digital said Tuesday it had raised more than $40 million for a venture capital fund, including investments from two pension funds in Fairfax County, Virginia. Anthony Pompliano, the founder of the North Carolina-based fund, told CoinDesk he believes its the first crypto-related fund to raise money from a public pension.
Morgan Creek Digital is a subsidiary of Morgan Creek Capital Management.
Read: We are too quick ‘in running away from anything labeled crypto,’ SEC commissioner
Altcoins and futures
Altcoins — the collective group of more than 2,000 cryptocurrencies other than bitcoin — were mostly lower on Tuesday. Ether
ETHUSD, +1.20%
fell 0.7% to $118.62, Bitcoin Cash
BCHUSD, +0.58%
was down 1.2% to $119.50, XRP
XRPUSD, +0.50%
lost 0.6% to 30 cents and Litecoin,
LTCUSD, +1.91%
rose 1% to $42.57.
Bitcoin futures ended Tuesday mostly higher. The Cboe Global Markets February contract
XBTG9, -0.83%
rose 0.3% to $3,605, while the CME Group February contract
BTCG9, -0.42%
finished the session unchanged at $3,605.
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