Bitcoin was still lower Wednesday afternoon but back above $10,000 after a 23% plunge Tuesday, as other cryptocurrencies like Ethereum, Ripple, Litecoin tumbled intraday. Bitcoin was down 4.7% to $10,818.40, off six-week lows of $9,199.59, while Ethereum pared losses to down 6.1% at $989.15, according to CoinDesk.
Ripple rose 1.3% vs. 24 hours ago at $1.18, and Litecoin was down 3.2% at $179.53, according to CoinMarketCap, after both suffered huge intraday losses earlier. Late Tuesday, BitConnect announced that it will shutter its lending services and exchange platform but the website will still operate for news and educational purposes.
BitConnect reportedly received cease-and-desist letters from regulators in Texas and North Carolina for the unauthorized sale of securities. It also was the victim of denial-of-service attacks.
Among Bitcoin-related stocks on the stock market today, Marathon Patent Group (MARA) lost 3.3%, Bitcoin Investment Trust (GBTC) plunged 6.25%, Riot Blockchain (RIOT) fell 2.8%. Overstock.com (OSTK) rose 7.7%.
IBD’S TAKE: Bitcoin’s meteoric rise has done more than make some daredevil investors rich overnight. It’s also put blockchain — the software technology enabling Bitcoin and other cryptocurrencies — on a trajectory of its own. Read more from investors.com…
thumbnail courtesy of investors.com