A day after suffering its biggest 24-hour decline in nearly three weeks, the Bitcoin market has righted the ship early Tuesday.
A single Bitcoin
was last changing hands at $6,272.85, up 0.1% since Monday at 5 p.m. Eastern Time on the Kraken exchange.
Monday’s weakness brought the total value of all cryptocurrencies back towards $200 billion, according to data from CoinMarketCap.
Read: The round numbers that show just how far Bitcoin has come in 10 years
Yellen downbeat on Bitcoin
Speaking at the Canadian FinTech Forum in Montreal on Monday, Janet Yellen, the former chairperson of the Federal Reserve, said Bitcoin lacks some key components to make it a sustainable means of payment. “It has long been thought that for something to be a useful currency it needs to be a stable source of value, and Bitcoin is anything but,” said Yellen, according to Kitco.com.
“It’s not used for a lot of transactions, it’s not a stable source of value and it’s not an efficient means of processing payments,” she said, according to the report.
Janet Yellen just delivered a 5 minute rant against Bitcoin to Montreal financial industry VIPs. She went through all of Nouriel’s talking points.
The Official NPC guidelines to Bitcoin FUD, courtesy of the FED. Full video coming tonight.
Buy Bitcoin. Audit the Fed. pic.twitter.com/QH5wkl11W6
— Francis Pouliot (@francispouliot_) October 30, 2018
How are altcoins and futures performing?
Coins other than Bitcoin, commonly referred to as altcoins, are showing small gains to begin Tuesday. Ether
was trading up 0.6% at $194.36, Bitcoin Cash
was higher by 0.8% at $414.60, Litecoin
had gained 0.3% at $48.73 and XRP,