Investing.com - Cryptocurrency prices were flat on Tuesday as Bitcoin remained near 6-week lows as the drought of encouraging news continued.
By contrast, the drip feed of negative news continued as Canadian crypto exchange QuadrigaCX went completely offline on Monday. Investors have been unable to withdraw funds from QuadrigaCX for weeks already, despite a court ordering the release of funds that had been frozen by its payments processor on suspicion that some of them may have been illicit.
Bitcoin decreased 0.58% to $3,414.00 as of 8:59 AM ET (13:59 GMT) on the Investing.com Index.
Cryptocurrencies overall were flat with the total coin market capitalization at $112 billion at the time of writing. Digital coins lost $7.5 billion on Monday, as the sector remained under pressure after JP Morgan analysts said last week said that Bitcoin could fall to as low as $1,260, in a damning report on cryptocurrencies' efforts to break into the financial mainstream.
Ethereum rose 1% to $105.53 and Litecoin was at $31.17, up 1.26%, while XRP inched up 0.39% to $0.28983.
Meanwhile the Bank of Korea said it would not issue a digital currency in the near term, according to the Korea Herald.
The bank completed its study on the possibility of a cryptocurrency backed by fiat, but said there is no urgent need for the central bank to issue virtual coin.
"We have no plans to issue any type of CBDC that is available for all people in the near future," an unnamed BOK official said in a briefing, according to the Korean Herald. "We have to work further on benefits and costs of CBDC implementation first."
Some countries, such as Sweden, Tunisia and China, are looking into digital coins. However other banks, including the Federal Reserve, have rejected the idea.