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Digital Currencies Fail To Keep Up With The Gains

July 4, 2017
By Anatol Thomas
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The digital currencies have been having a hard time in the forex market. The cryptocurrencies such as Bitcoin and Ethereum reached their peaks and then fell backward. On Thursday trading, the digital currencies traded beyond the breakeven level. The highs have faded away as the investors were keen on profit taking. The industry is filled with expectations that the correction is in the schedule for the digital currencies. As a result, interest in both Bitcoin and Ethereum faded away.

The BTC/USD pair was trading at $2571 and it gained 0.70%. It is important to remember that Bitcoin reached its peak value of $3000 just a few days ago. According to the current trading level, Bitcoin is trading at 16% below the highest value. The Asian investors showed their interest in Bitcoin as China removed its withdrawal restrictions of the currency.

The People Bank of China finished its investigations and numerous bitcoin exchanges in China lifted their withdrawal restrictions. The increased interest among the Asian investors didn’t last long enough.

Ethereum was also trading at $306 as it gained 2.04%. Market experts have not forgotten the fall of Ethereum to 10 cents following network problems due to increased demand. Previously, it was predicted that Ethereum could beat Bitcoin because several Ethereum based applications are in the developmental stage. Even though Ethereum has seen gains in the past three sessions, it struggles to maintain pace with Bitcoin.