Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Despite strong performances yesterday, Bitcoin slipped back into making a loss as an uncertain market attempted to float the price.
Bitcoin fell 0.51 percent to trade at $6,322.46, having lost $200 on the day.
Ethereum is slightly up by 0.22 percent to trade for $284.43.
Ripple lost 0.81 percent to trade for $0.283647.
Litecoin lost 0.94 percent to trade for $54.99.
Traders are still uncertain on how the Securities and Exchange Commission will ultimately decide on the proposed Exchange-Traded Fund (ETF).
The longer the debate drags on for, the lower Bitcoin prices are expected to slide.
9.15am UPDATE: Bitcoin still finding its feet
Kevin Murcko, CEO of crypto exchange CoinMetro believes cryptocurrencies are still trying to find their true value.
Mr Murcko said: “The market is experiencing a readjustment as it tries to find the ‘true or underlying value’ of each crypto asset. For instance, there have been a number of studies examining the cost to mine a single Bitcoin, with $6,000 being the mean.
“Large mining operations will not sell below their cost to produce, which over time creates a true value or ultimate low in the market. Until there are other proven values attached to a specific asset, the low resistance point will revolve around this cost of production. Current BTC price, which is floating around that $6,000 mark [currently $6,350], is a reflection of all of this.
“Besides the hard cost of mining, there are plenty of other market influencers. Use cases can drive adoption, which in turn increases demand, transactions, cost to mine, and ultimately leads to higher prices. You will also have outside circumstances, like the bull run of 2017, that propel prices outside of this market-induced range.
“This is common across all markets, such as when a stock price doesn’t accurately reflect earnings, or the dot-com bubble, when stocks with negative balance sheets traded at extreme valuation levels.”
7.40am UPDATE: Is Bitcoin too unreliable to predict?
Web security company High-Tech Bridge’s CEO Ilia Kolochenko says BTC is beyond prediction.
He said: “I don’t think anyone can give a reliable forecast on Bitcoin today. As seen in the past, immense fluctuations were suddenly caused by cybercriminals, governments, and alternative cryptocurrencies.
“Despite a current semblance of relative stability, Bitcoin being a puppet of market speculators and cyber gangs means it can abruptly drop or skyrocket.
“You can make a lot of money speculating with Bitcoin these days, but be prepared for the associated risk of losing all of your gains.”
7am UPDATE: USA investors can now buy Bitcoin exchange-traded notes
Starting today, investors in the USA can buy a Bitcoin exchange-traded note (ETN) through their online broker, bank or advisor.
Although the CoinShares product is listed and regulated in Sweden, the note Bitcoin Tracker One (CXBTF) is now listed in US dollars.
The offering gives investors who may be concerned about a direct investment in Bitcoin a way to get into the market.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” Ryan Radloff, CEO of CoinShares Holdings Ltd., told Bloomberg.
“Given the current climate on the regulatory front in the US, this is a big win for Bitcoin.”