The buzz around the correlation between bitcoin and the annual Consensus conference is dwindling as the No. 1 digital currency continues to face headwinds after slipping below $9,000. The mid-April rally has stalled and now faces some downside risk.
“After holding $9k support for several weeks, bitcoin finds itself under this widely watched support level. As I warned readers two weeks ago, there comes a point where support turns into stalling. That is what happened here,” wrote Jani Ziedins in a Tuesday blog post.
“I’m skeptical of BTC at these levels and it needs to recover $9k as soon as possible to prove me wrong. Otherwise expect nervous selling to return and push us back under the $6k lows.”
The price of a single bitcoin
was last traded at $8,392.69, down 1.6% since Tuesday’s levels at 5 p.m. Eastern time on the Kraken exchange.
The recent slide in cryptos has taken the total value of all cryptocurrencies below $400 billion to $385 billion, according to CoinMarketCap.
Brian Kelly to manage blockchain ETF
With the growing number of companies exploring the blockchain technology, Rex Shares and Brian Kelly, CEO and founder of BKCM funds announced today that they are launching an actively managed blockchain ETF.
“With over 30 industries exploring the use of blockchain, the emerging technology may fundamentally transform the way business is transacted. This disruptive innovation could impact supply chains, healthcare, governments, and financial services companies, among others,” the two companies said in a news release.
Rex Shares CEO and founder Greg King, is a veteran in the ETF business having helped launch the iPath ETN product when working at Barclays Bank in 2006.
The fund will be rebalanced quarterly.
What are altcoins and futures doing?
Altcoins, coins alternative to bitcoin, have begun Wednesday in the red. Ether
is down 0.9% at $705.49, Bitcoin Cash
is off 3.5% at $1,300.00, Litecoin
has slipped 0.2% to $139.92 and Ripple’s XRP
last traded at 69 cents, down 0.7%.
Futures look set for another tough day. The Cboe May contract
is down 1.9% at $8,360, while the CME May contract
is off 2.2% to $8,365.