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Cryptocurrency: Bitcoin, ether nurse losses, lurk near critical levels
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business-standard.comBy Alun John and Vidya Ranganathan
HONG KONG/SINGAPORE (Reuters) - Bitcoin and ether, the world's two largest cryptocurrencies, stayed weak on Wednesday and near critical levels that analysts believe could spell further weakness if breached.
Bitcoin last traded around $59,000, down 1% on the day, and off about 12% from the record high of $69,000 set on Nov. 10, while ether was at $4,163, more than 14% lower than its peak $4,868.
While profit-taking after the massive run-up in prices was emerging as the biggest factor, analysts pointed to bitcoin's blockchain upgrade on the weekend, higher U.S. inflation and China's latest directive to its state-owned firms not to engage in cryptocurrency mining as being other reasons behind the more
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