Bitcoin Finds Support Following Plunge to $7,000 By Investing.com


© Reuters.

Investing.com – Bitcoin steadied Tuesday as a plunge to nearly $7,000 drew support for the popular crypto but traders remained wary of further downside as fears of regulatory pressures persisted.

rose 3.22% to $7,463.4 on the Bitfinex exchange after falling to a low of $7,094.

Some said the move lower in bitcoin to levels close to $7,000 drew in technical support – price levels that trigger buying pressure.

The uptick in bitcoin comes as it recorded its third weekly slump last week after regulators in North America stepped up efforts to curb fraudulent activity in cryptocurrencies which included the launch of “Operation Cryptosweep.”

The rebound in bitcoin was also supported by a tentative increase in crypto demand as the total crypto market cap inched higher.

The total market cap of cryptocurrencies rose to about $327 billion, at the time of writing.

rose 6.18% to $0.60700 on the Poloniex exchange, while rose 7.43% to $567.52.

rose 6.30% to $983.20, while rose 5.23% to $119.97.

, meanwhile, rose 3.63% ahead of a split in its network, or “fork,” aimed at solving a mining issue.

The change will disable a feature that was designed to make mining the crypto more difficult ahead of a shift to a new consensus algorithm – the process by which information and transactions are validated on a network.

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