The crypto market is in wait-and-see mode. Bitfinex opened its doors yesterday and started the disbursement of funds but questions remain about feasibility of the restart. Bitcoin has been trading mostly range-bound for the past eight days with many altcoins following the same pattern.
A considerable amount of Bitcoins (close to 60k at the time of this writing) has already been withdrawn from the Bitfinex platform. Their newly issued BFX tokens are trading at a 70% discount right now. Hardly a vote of confidence from the market. And of course there are potential legal challenges to the scheme. This process continues to weigh on market sentiment.
Peercoin Slightly up but Downtrend Remains
Peercoin is currently quoted at $0.357 per coin, up just over 3 percent compared to last week. But the downtrend in PPC prices continues. To end it, the bulls will need to make a decisive push above the $0.379 swing high.
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