Bitcoin price (BTC/USD) edges lower after failing to defend $7,700 level

on Jun 8, 2018
Updated: May 24, 2024

The Bitcoin price (BTC/USD) has edged lower on Friday morning, following an unsuccessful attempt to reclaim the $7,700 level.

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The original cryptocurrency had a strong start to yesterday’s trading, as it broke through the $7,700 barrier in the early hours of the session. However, the digital coin did not have the necessary momentum to sustain a meaningful rally above that mark.

The cryptocurrency hit an intraday high of $7,741 in early morning trading and spend the remainder of the session defending the $7,700 level.

Despite its best efforts, Bitcoin dropped below that level in the afternoon, finishing the session at $7,678.24. This was slightly higher than Bitcoin’s opening price of $7,650.82.

The No. 1 digital currency made an attempt to reclaim the $7,700 level in the early hours of today’s trading, but its advance stopped at an intraday high of $7,698.19. The coin has since retreated to lower levels, with its price currently hovering around $7,640.

In other cryptocurrency news, Fundstrat co-founder and head of research Tom Lee pointed to recent moves by two major cryptocurrency firms as possibly hinting that US regulators might be softening their stance on the sector.

Yesterday, the largest US crypto exchange Coinbase announced a move to become a SEC-regulated firm by acquiring securities dealer Keystone Capital. Also this week Bloomberg reported that cryptocurrency platform Circle was seeking a federal banking license and plans to register with the SEC as a brokerage and trading venue.

“We believe the regulatory picture is now improving — best evidenced by Coinbase and Circle ‘running towards’ regulation,” Lee wrote yesterday in a note to clients, as quoted by CNBC. “We are basing this on the notion that Coinbase and Circle would only take these actions if such was the case.”

“We believe both companies would only make these moves if their perception of regulatory risks in crypto was improving,” Lee further explained.

In today’s trading, the Bitcoin price stood at $7,641.87, as of 11:10 BST. The digital coin has lost 0.95 of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

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