Bitcoin steady after worst day in nearly 3 weeks


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

BTCUSD, +0.39%

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.

How are altcoins and futures performing?

Coins other than bitcoin, commonly referred to as altcoins, are showing small gains to begin Tuesday. Ether

ETHUSD, +0.76%

was trading up 0.6% at $194.36, Bitcoin Cash

BCHUSD, +0.95%

was higher by 0.8% at $414.60, Litecoin

LTCUSD, +0.66%

had gained 0.3% at $48.73 and XRP,

XRPUSD, +1.80%

was the best-performing major altcoin, was trading up 1.5% at 44 cents.

In futures trading, the Cboe Global Markets November contract

XBTX8, +0.16%

was unchanged at $6,245, while the CME Group November contract

US:BTCV8

had added 0.2% at $6,255.

Read: Bitcoin is 10 years old: Here’s what to expect in the cryptocurrency’s second decade

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