Bitcoin price (BTC/USD) sees further losses on Tuesday

Some crypto experts see new surge for BTC this year

Bitcoin price (BTC/USD) sees further losses on Tuesday

The Bitcoin price (BTC/USD) has edged lower in what is shaping up to be another disappointing session for the No. 1 digital coin.

Having opened yesterday’s trading at $8,522.33, the original cryptocurrency traded mostly sideways in the morning portion of the session. The situation changed in the afternoon, as the digital coin gradually declined to an intraday low of $8,365.12. It saw a small uptick in late trading, which allowed it to finish the day at $8,418.99.

The cryptocurrency has seen further losses in today’s trading, falling to as low as $8,298.91 in the early hours of the trading. At the time of writing, the Bitcoin price was hovering around $8,330, according to data from cryptocurrency tracker Coinmarketcap.

Despite Bitcoin’s disappointing performance over the past week or so, some cryptocurrency observers expect the digital coin to experience big surge this year. Rodrigo Marques, chief executive officer of major Brazilian crypto trading platform Atlas Quantum, told MarketWatch on Monday that he expected Bitcoin to reach $20,000 in six months.

Last week, Fundstrat Global Advisors’ head of research Tom Lee admitted that his forecast that Bitcoin would get a price boost during Coindesk’s Consensus 2018 blockchain conference had been wrong. Nevertheless, Fundstrat maintains its earlier forecast that the cryptocurrency’s price would hit $25,000 by the end of the year.

In other cryptocurrency-related news, the US Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo said yesterday that the agency would publish a staff advisory “providing guidance to exchanges and clearinghouses on certain enhancements when listing a derivative contract based on virtual currency”.

“This advisory will reflect CFTC staff’s current thinking based on our growing experience with virtual currency derivatives. As new products are brought forth, staff will reevaluate and revisit the advisory, as necessary, to address any new and emerging issues,” Giancarlo said at the North American Securities Administrators Association Conference in Washington.

In today’s trading, the Bitcoin price stood at $8,335.19, as of 09:56 BST. The digital coin has lost $2.1% of its value in the past 24 hours.

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

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