Bitcoin Flat; Facebook Expands Blockchain Team
Investing.com - Cryptocurrencies were lower on Monday, with Bitcoin flat as the currency struggles to bounce back from its recent slump.
Bitcoin inched up 0.15% to $3,514.14 on the Investing.com Index, as of 9:13 AM ET (14:13 GMT).
Digital coins have fallen dramatically in recent weeks, with Bitcoin trading at 90% less than its value a year ago as traders worry about increased regulatory scrutiny and volatility.
Cryptocurrencies overall were lower, with the total coin market capitalization at $112 billion at the time of writing, compared to $116 billion on Sunday.
Ethereum, or Ether, decreased 1% to $91.59 and Litecoin was at $24.26, down 5.5%, while XRP slumped 1.8% to $0.30364.
In blockchain news, Facebook (NASDAQ:FB) has five job openings for its blockchain operation. The social media site started its blockchain team in May with the idea of just exploring the technology behind Bitcoin and other digital coins. The team is now expanding and seeking to fill positions in marketing, data science and software engineering.
Elsewhere, crypto exchange Gemini is supporting the trading of Bitcoin Cash’s fork, Bitcoin ABC, after obtaining approval from the New York State Department of Financial Services.
The fork of Bitcoin Cash is one of the catalysts analysts say caused the recent decline in the price of Bitcoin.
Gemini said it would evaluate Bitcoin SV, the other fork of Bitcoin cash, over the coming months. But it has yet to reach a decision on whether to support the withdrawal or trading of the token.
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