The price for bitcoin was little changed early Thursday, as the world’s No. 1 cryptocurrency stabilized somewhat after Wednesday’s punishing session.
A single bitcoin
recently changed hands at $8,153.54, down 0.5% on the day.
On Wednesday, bitcoin dropped 10% to around $8,250, weighed down by another wave of bad news. Google
announced it was banning advertising related to cryptocurrencies, and Rep. Brad Sherman, D-Calif., described virtual currencies as “a crock” at a hearing on Capitol Hill.
Bitcoin has been slumping in March after rallying for much of February. It is down 43% so far in 2018.
“This represents a retracement of the recovery that occurred after the early February lows,” said William O’Loughlin, a Rivkin Securities analyst, in a note. “It is looking increasingly like the rapid gains of 2017 will not be repeated in 2018.”
On Thursday, futures markets were little changed. The Cboe Global Markets March contract
was roughly flat at $8,236, while the CME Group Inc. March contract
fell 1% to $8,185.