The Bitcoin price (BTC/USD) faces the risk of returning below the $4,000 mark after seeing a sharp drop on Friday morning.
The original cryptocurrency spent the better part of yesterday’s trading defending the gains it had posted in the preceding session. The digital coin attempted to extend its rally in the morning session, when it rose to a five-day high of $4,413.02. However, the Bitcoin rally ran out of steam in the afternoon and the coin’s price started swinging between gains and losses. Bitcoin eventually finished the session at $4,278.85, slightly higher than its opening level $4,269.00.
Today’s trading session started with Bitcoin trying to reclaim the $4,300 mark. Initially, the coin had some success, rising to as high as $4,322.98. However, the coin’s advance was a brief one and was immediately followed by a sharp pull-back toward the $4,100 level. At the time of writing, the Bitcoin price was hovering below $4,100, according to data from digital currency market Coinmarketcap.
In other crypto news, Jeff Sprecher, chairman of the New York Stock Exchange (NYSE) and chief executive officer of its parent company, Intercontinental Exchange, recently expressed optimism about the future of digital currencies. Speaking at Coindesk’s Cosensus: Invest conference earlier this week, Sprecher said that cryptocurrencies will survive. He also said that Bitcoin would likely retain its leading position in the sector, despite competition from digital assets that many perceive to be technologically superior.
“Somehow bitcoin has lived in a swamp and survived,” Sprecher said, as quoted by CNBC. “There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention.”
Intercontinental Exchange is currently in the midst of launching its first Bitcoin futures product through its new trading platform Bakkt. Initially scheduled for December, the launch was delayed until January, next year. At Consensus: Invest, Bakkt’s CEO Kelly Loeffler shed some light on the company’s decision.
“To give it the best chance for success we pushed it back to the holidays to give people more time to get on board,” Loeffler said. “It’s a positive indication of the interest and it gives people time to learn. We have a responsibility to do that so we’re taking that extra time.”
In today’s trading, the Bitcoin price stood at $4,097.27, as of 10:35 GMT. The digital coin has lost 5.9% of its value in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.