Investing.com – Bitcoin continued its retreat as traders remained wary of buying on weakness after the popular digital currency rebound came to an abrupt end.
Bitcoin fell 3.55% at $8,584.4 on the bitfinex exchange. Bitcoin extended losses after it struggled to sustain a move above $9,000, a price level said to offer technical resistance – a level that triggers selling.
The mover lower in bitcoin comes as sentiment on cryptocurrencies appeared to have improved in recent days after finance ministers and central bankers from the world’s 20 largest economies opted against outlining plans for a deeper regulatory crackdown on cryptocurrencies as many had initially feared.
Demand for bitcoin remains somewhat scant as data from coinmarketcap.com showed the total cryptocurrency market cap eased to $331– at the time of writing – down from $345 million Wednesday.
Also adding to negative sentiment was a report that Japanese regulators were taking a closer look at Hong-Kong based cryptocurrency exchange, Binance, for operating in the country without registration.
"We are in constructive dialogs (sic) with Japan FSA, and have not received any mandates," Binance CEO Changpeng Zhao said in a tweet.
Ripple XRP fell 5.39% to $0.63820on the poloniex exchange, while Ethereum fell 5.67% to $526.76