Home Cryptocurrency News Bitcoin Cryptocurrencies continue to slide; Mt. Gox estate still a 'bitcoin whale'

Cryptocurrencies continue to slide; Mt. Gox estate still a 'bitcoin whale'

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Major cryptocurrencies drifted lower Wednesday, after failing to overcome key technical resistance levels.

The No. 1 digital currency, bitcoin

BTCUSD, -7.38%

is lower by 1.1%, trading at $10,552.24, now more than 9% off Monday’s high. However, despite the inability to break resistance above $11,500, optimism remains.

“A month or two ago this would have sent prices tumbling. Instead we are only down $1k from recent highs,” said Jani Ziedins, referring to ongoing talk of a potential cryptocurrency ban in South Korea.

He added that the path of least resistance is to break the resistance at $12,000.

Mt. Gox trustee sells $400 million of bitcoin and Bitcoin Cash

In a Japanese court document, which can be seen here, the trustee for the Mt. Gox exchange said he had sold about $400 million in bitcoin and Bitcoin Cash to distribute to creditors as part of the bankruptcy procedures.

“I made efforts to sell BTC and BCC at as high a price as possible in light of the market price of BTC and BCC at the timing of sale,” the trustee said.

“I plan to consult with the court and determine further sale of BTC and BCC.”

The trustee said the estate managing the bankruptcy still holds more than 160,000 bitcoins and bitcoin cash, currently worth close to $2 billion.

Ripple continues to slide

Ripple investors were left disappointed last night when Coinbase announced it had launched a weighted index fund, which they hope will open up cryptocurrency investing to a wider audience. There had been speculation that the announcement would be that Ripple was to list on the Coinbase exchange. However, after trading to as high as $1.08 in the days leading up to the announcement, Ripple has slumped more than 15% and is trading at 91 cents, down 0.4% today.

Elsewhere, ether is down 2.8% at $793.02, Bitcoin Cash is off 2.2% at $1,179.33, and Litecoin remains under $200, trading at $194.19, down 1.2%.

Futures markets are in the red Wednesday, with the Cboe Global Markets March contract

XBTH8, -4.33%

 down 1.1% at $10,620 and the CME Group Inc. March contract

BTCH8, -3.47%

 down 0.3% at $10,625.

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