Bitcoin Rally Cools After Rise to Nearly $10,000 Meets Resistance

On Wednesday, Bitcoin fell  as it met stern resistance after coming close to an important $10,000 psychological level.

Bitcoin fell 4.77% to $9,008.6 on the Bitfinex exchange after hitting an intraday high of $9,761.5.

Some said the move in bitcoin close to $10,000 triggered technical resistance  trading levels that trigger selling pressuring the popular crypto to give up its recent gains.

Meanwhile comments from Nasdaq CEO Adena Friedman suggesting the company “would consider” becoming a platform for trading cryptos also garnered attention.

Friedman said, however, that the lack of regulation in the crypto space was a headwind that needed to be sorted out to pave the way for a ramp in institutional demand.

Other large-cap cryptos followed bitcoin’s move lower but sentiment on cryptocurrencies remained steady as the total crypto market cap fell modestly.

The total market cap of cryptocurrencies fell to about $397 billion, at the time of writing, from about $432 billion on Tuesday.

Ripple XRP fell 12.33% to $0.81800 on the Poloniex exchange, while Ethereum fell 10.24% to $635.48. Bitcoin Cash fell 9.30% to $1,334.70, while Litecoin fell 10.53% to $147.61./Investing.com
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