Bitcoin price (BTC/USD) stabilises above $8,700

US firm LedgerX expands its BTC options trading

Bitcoin price (BTC/USD) stabilises above $8,700

The Bitcoin price (BTC/USD) has remained largely stable following its rebound in Monday’s afternoon trading.

The original cryptocurrency struggled in yesterday’s morning session, falling to an intraday low of $8,367.97, from its opening price of $8.713.10. However, the cryptocurrency was able to fully recover in the afternoon, as it experienced a sharp increase, gaining nearly $400 in less than an hour. The digital coin finished the day at $8.716.79.

Today, Bitcoin has largely traded sideways, hovering around the $8,750 mark. At the time of writing, the cryptocurrency was priced at just above $8,740, according to Coinmarketcap’s price average.

In other news, Bitcoin derivatives firm LedgerX yesterday announced that it was launching a new service that would allow investors to earn interest on their holdings. LedgerX’s president and chief risk officer Juthica Chou yesterday told Coindesk that the new service operates similarly to the company’s Bitcoin call options with a streamlined interface for investors.

"We're seeing more and more demand for people who want to earn some sort of interest off their bitcoin and lending is not exactly natural to people - especially lending where they earn their interest back in bitcoin. So we're seeing participants come back to trading," Chou explained, as quoted by Coindesk.

Last October, LedgerX became the first company to start offering Bitcoin derivatives in the US. In April, Chou revealed that the company had seen a sevenfold increase in trading volume in the six months following its launch of digital currency derivatives.

In today’s trading, the Bitcoin price stood at $8740.99, as of 11:16 BST. The cryptocurrency has gained 3.4% in the past 24 hours. Its total market capitalisation currently stands at $148.9 billion, which represents 36.7% of the total value of all digital coins.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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