Bitcoin Rises After Selloff; Other Cryptos Broadly Higher

Cryptocurrency prices recovered somewhat Friday, as Bitcoin rallied after two days of losses.

Bitcoin gained 1.62% to $5,695.00 on the Bitfinex exchange, as of 8:55 AM ET (13:55 GMT). The digital coin slumped 12% on Wednesday and still remains below its two-month average of the $6,000 range.

While the exact reason for the selloff remains uncertain, some analysts speculated that it was due to a hard fork of Bitcoin cash on Thursday.

BCH/USD slumped 44.11% to $250.00.

Cryptocurrencies overall were higher, with the total coin market capitalization at $184 billion at the time of writing, compared to $179 billion on Thursday, but remained below last week’s high of $220 billion.

Ethereum, or Ether, increased 1.25% to $180.63 and Litecoin was at $42.880, up 2.24%, while XRP gained 4.85% to $0.47844.

In other news, chipmaker Nvidia (NASDAQ:NVDA) slumped 18% as the company forecast a drop in fourth-quarter revenue. The company’s gaming cards are popular with cryptocurrency miners, but as popularity in digital currencies wanes, demand for the product has decreased.

“Near-term results reflect excess channel inventory post the cryptocurrency boom, which will be corrected,” Nividia CEO Jensen Huang said in a statement.

Meanwhile, Japan’s Financial Services Agency plans to regulate virtual coin wallets. Currently only companies that buy and sell digital coins are required to register with the agency.

The agency argues that wallets are like bank accounts and should fall under their jurisdiction. At the moment, Japanese law does not apply to the wallet service providers because they do not trade in digital currencies.
/investing.com

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