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Bitcoin Steadies But Traders Wary of Downside

Investing.com – Bitcoin steadied Wednesday but traders remained wary of aggressively returning to the market amid fears of further downside.

Bitcoin fell 0.49% to $6,366.1 on the Bitfinex exchange, after trading as high as $6,409.2.

Sentiment on bitcoin, however, remained negative somewhat amid a lack of inflows to support sustainable move higher.

The total crypto market cap fell to $252 billion, at the time of writing, from about $254 billion Tuesday.

A falling crypto market cap has been cited by some crypto observers as evidence of scant crypto demand in the wake of security breaches on several crypto exchanges leading to the theft of billions of dollars worth of crypto.

Israeli start-up Bancor reported Monday it had loss $12.5 million worth of ethereum and $1 million of a lesser-known token called Pundi X after cyber thieves had exploited a security vulnerability.

Large-cap cryptos followed bitcoin's move lower, while bitcoin traded roughly flat.

Ripple XRP fell 0.43% to $0.44656 on the Poloniex exchange, while Ethereum fell 0.35% to $439.45.

Bitcoin Cash rose 0.11% to $700.33, while Litecoin fell 0.44% to $77.35.69.

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