Bitcoin’s losing streak set to continue as the digital asset trades back to $3,500

Major cryptocurrency prices fell on Thursday, extending losses from the previous session.


BTCUSD, +0.18%

the best-known cryptocurrency, was last changing hands at $3,561.30, down 0.3% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken exchange. The cryptocurrency is on track to record its fourth consecutive losing session.

Thursday’s Market Snapshot: S&P 500, Nasdaq poised to extend rally to a fifth day on U.S.-China trade-talk progress

What are analysts saying

“The effects of the weekend rally seem to be slowly fading and the crypto markets are oddly mixed,” wrote Mati Greenspan, senior market analysts at eToro. “Of course, this is a very moderate decline and can easily be turned around, but looking at both sides of the coin, it could also be an indication the excitement was premature.”

In the news

JPMorgan Chase & Co.

JPM, -0.47%

 announced on Thursday it had launched its own cryptocurrency, the JPM Coin. According to the company, the coin will be used in settlement of transactions between institutional clients and will run on its private Quorum blockchain.

Read: Digital-currencies skeptic JPMorgan will roll out one of its own

Grayscale Investments said on Thursday it raised more than $350 million in 2018, three times more than in 2017. In the face of a brutal bear market, it appears investment into the opaque industry has not waned.

“These datapoints reinforce two important trends that we’re observing. First, the average investor at this stage of the bear market is patient with a multiyear investment horizon (i.e., investing for retirement). Second, institutional investors are building core strategic positions in digital assets over time and have largely viewed the 2018 drawdown as an attractive entry point,” the company said.

The company’s signature investment vehicle, the Grayscale Bitcoin Trust raised a total of $242.5 million in 2018.

Altcoins and futures

Altcoins, the digital currencies other than Bitcoin, were mostly lower on Thursday. Ether

ETHUSD, +0.33%

fell 0.3% to $120.10, Bitcoin Cash

BCHUSD, +0.67%

rose 0.6% at $120.80, XRP

XRPUSD, +0.72%

lost 0.1% to 30 cents and Litecoin,

LTCUSD, +0.78%

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