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CryptoWatch: Bitcoin holds support at $6,000, but pressure mounts on broader market

Bitcoin held its ground above $6,000 Tuesday, with traders reputedly taking inventory after the new selloff put dents in many digital asset portfolios.

In Tuesday trading, a unmarried bitcoin BTCUSD, -Zero.72%  used to be going for $6,232.88, down 1.1% since Monday at 5 p.m. on the Kraken cryptocurrency exchange. The value of bitcoin has tumbled 14% because the beginning of September.

However, the plight of bitcoin is not anything compared with the mounting losses within the altcoin market, the colloquial time period for coins as opposed to bitcoin.

Of the most important altcoins, Ether continues to reveal the brunt of the selloff, which has slumped to a 14-month low of $176.00. Ether ETHUSD, -7.44%  used to be closing at $182.12, down 7.3%.

The broad-based decline has pushed the whole worth of all cryptocurrencies below $190 billion for the first time since Nov. 1, 2017.

Read: Traders are making record bets for digital foreign money Ether to fall

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Crypto market cap

Elsewhere, Bitcoin Cash BCHUSD, -6.45% used to be down 6.5% to $434.40, Litecoin LTCUSD, -5.59% used to be down 5.6% at $50.82 and Ripple’s XRP coin XRPUSD, -2.52% used to be at 26 cents, down 3.6%.

Bitcoin volumes fall as contract eyes record low

Meanwhile, trading in bitcoin futures volumes has sunk. On Monday, simply 1,965 contracts modified fingers on the CME Group exchange, down 28.7% from Friday and down 72.2% from one month in the past. Monday additionally used to be the lightest trading day over the last 4 weeks.

CME Group bitcoin futures volume

Over on the Cboe, Kevin Davitt, senior teacher for The Options Institute, mentioned a damage of $6,000 would most likely see a retest of the 2018 lows, which might additionally mark a record low for the futures contract, which debuted in December.

“The September XBT futures bounced off those ranges on a large number of occasions over the last three months. If the market fails to carry the $6,000 deal with, then traders will nearly no doubt eye the contract lows ($5,850) and all-time XBT futures lows of $5,755 on June 29.”

Futures persisted their rough begin to the week, completing lower for the second one day running. The Cboe Global Markets Group Inc.’s September contract XBTU8, -Zero.32% finished down Zero.3% at $6,225, whilst the comparable CME Group Inc. September contract BTCU8, -Zero.80% closed Tuesday at $6,230, down Zero.6%.

Read: Bitcoin is flirting with a brand new low for the year after the SEC stopped trading on 2 price range

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Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and fiscal markets.

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