Hourly CryptoUpdates: Bitcoin, cryptocurrencies attempt to steady after sharp selloff

Bitcoin’s spot price suffered modest losses on Wednesday, as it and other cryptocurrencies attempted to steady a day after a widespread selloff that pulled bitcoin to a six-week low.

Concerns about a regulatory crackdown on trading in virtual currencies have been an ongoing feature in the cryptocurrency market, but investor concerns have recently intensified. Reports that South Korea was still considering a ban were just one trigger for Tuesday’s slump, which affected nearly every top digital currency.

The bitcoin spot price BTCUSD, +1.98% eased 1.6% to $11,166.88 on Wednesday, after earlier tapping a session low of $10,491.63, according to data from CoinDesk. On Tuesday, the price reached as low as $10,064.

Among other digital currencies, Ripple was modestly lower at $1.13. Over the past 24 hours, it has lost nearly 30% of its value, according to CoinMarketCap.com data.

Even if investors come wading back in on Wednesday, “the news flow is largely subtracting from sentiment and a strong upside catalyst seems to be missing, and importantly, the underlying trend suggests downside risks here and rallies are to be sold,” said Chris Weston, chief market strategist at IG, said in a note.

Bitcoin futures for January BTCF8, -2.64% on the CME rose slightly to $11,240, from Wednesday’s settlement of $11,160, while on the Cboe, bitcoin futures XBTF8, -2.04% were trading at $11,070, from a prior settlement of $11,055.