Bitcoin Holds Steady as Attention Flips Back to $11,000

Investing.com – Bitcoin was little changed on Monday as traders shifted their sites back from $12,000 to $11,000.

, the largest digital currency by market capitalization, dipped 0.1% to $11,376.10 on the Investing.com Index by 11:01 AM ET (15:01 GMT).

After wavering around the $12,000 level for most of last week, , market analyst at Oanda, said that $11,000 could be the key level to watch for bitcoin.

“We’ve seen some consolidation in bitcoin over the last week or so following an impressive rebound in the cryptocurrency,” Erlam said. “The consolidation doesn’t suggest bears are pouring back in yet, although a break below $11,000 may change that.”

In crypto sector news, Mu Changchun, deputy director at the People’s Bank of China, said at the China Finance 40 Forum that a new digital currency using pure blockchain architecture has now been successfully developed after five years of research and would be useful for “small-scale retail high-frequency business scenarios”.

According to Shanghai Securities News, Mu said the central bank will operate the currency on the upper level, while commercial banks will focus on a secondary level.

In other cryptocurrency trading, total market capitalization decreased to $298.15 billion by 11:03 AM ET (15:03 GMT), compared to $301.45 billion a day earlier.

Among its largest rivals, gained 0.7% to $210.81, rose 0.6% to $0.30148, traded up 2.9% to $330.42, while traded down 1.6% to $86.586.

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