7/11/2017, 8:54 AM (Source: TeleTrader)
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Bitcoin finds support in range of $2,200

Sellers were in charge on the cryptocurrency market for the third day in a row on Tuesday, and the bitcoin traded close to $2,200, a level last seen on June 15. Investors were focusing on the prospects for more strength in the dollar and the equity markets in the United States after robust labor market data. Federal Reserve Chair Janet Yellen is scheduled to appear in Congress on July 12 and 13, and her remarks should shed more light on the path for interest rates and policy tightening mechanisms. The central bank chief should reveal whether recent glitches in the macroeconomic picture, namely the inflation slowdown, are still seen as transitory.

In other news, the former chief executive of Mt. Gox, an exchange that imploded after 850,000 bitcoins vanished in 2014, pleaded not guilty in a trial in Tokyo on embezzlement and data manipulation. The process is focused on the ¥340 million ($3 million) that Mark Karpeles took out of the account one year before, while there are several other ongoing cases surrounding the failure of the platform.

The bitcoin was 4.5% in the red at $2,213.9. The most widely watched digital currency was 2.86% lower against the euro, at 1,995.868, while it lost 3.47% to buy 16,410.01 yuan.

Baha Breaking News (BBN) / IT