Cryptos: Bitcoin Prices Steady But Cant Breach $3,500 Mark

Bitcoin prices were mostly unchanged on Tuesday, stuck in a tight trading range below $3,500.

In afternoon trading, a single bitcoin BTCUSD, +0.11%  was fetching $3,453.77, up 0.2% since Monday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency has spent the past 48 hours trading inside $3,410 - $3,460.

What are analysts saying

As the crypto bear market rolls on, it has become apparent that many projects are struggling to meet fundraising targets, according to Anthony Pompliano, founder of Morgan Creek Digital, which he described as the “worst secret in crypto.”

“We have seen fund managers, both experienced and inexperienced, fall short of fundraising targets, while also having to drastically shift strategies in an attempt to attract capital. Majority of the funds that have successfully raised capital to date have relied on individuals and family offices for the bulk of the capital,” he wrote.

Pompliano added that on top of the significant drawdown in crypto prices, investors have become gun-shy because of headline risk. “It is scary to many of them to allocate capital to an industry where daily headlines include words like ‘hack,’ ‘scam,’ or ‘money laundering,’” he added.

Read: Crypto exchange customers can’t access $190 million after CEO dies with sole password

Altcoins and futures

Altcoins, or smaller coins other than bitcoin, were showing small losses on Tuesday. Ether ETHUSD, -0.94% fell 0.8% at $105.70, Litecoin LTCUSD, -0.50% was off 0.5% to $33.73, Bitcoin Cash BCHUSD, -1.45% is off 1.3% at $116.10 and XRP, XRPUSD, -0.85% was down 1% at 29 cents.

Bitcoin futures were marginally higher early on Tuesday. The Cboe Global Markets February contract XBTG9, +0.22% rose 0.2% to $3,410, while the CME Group February contract BTCG9, +0.15% was up 0.3% at $3,405.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.

RECENT NEWS

The Penny Drops: Understanding The Complex World Of Small Stock Machinations

Micro-cap stocks, often overlooked by mainstream investors, have recently garnered significant attention due to rising c... Read more

Current Economic Indicators And Consumer Behavior

Consumer spending is a crucial driver of economic growth, accounting for a significant portion of the US GDP. Recently, ... Read more

Skepticism Surrounds Trump's Dollar Devaluation Proposal

Investors and analysts remain skeptical of former President Trump's dollar devaluation plan, citing tax cuts and tariffs... Read more

Financial Markets In Flux After Biden's Exit From Presidential Race

Re-evaluation of ‘Trump trades’ leads to market volatility and strategic shifts.The unexpected withdrawal of Joe Bid... Read more

British Pound Poised For Continued Gains As Wall Street Banks Increase Bets

The British pound is poised for continued gains, with Wall Street banks increasing their bets on sterling's strength. Th... Read more

China's PBoC Cuts Short-Term Rates To Stimulate Economy

In a move to support economic growth, the People's Bank of China (PBoC) has cut its main short-term policy rate for the ... Read more