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Bitcoin Flat After Failing to Break $11,000

© Reuters.
© Reuters. — Bitcoin struggled for direction on Tuesday, swinging between gains and losses after the popular crypto’s test of $11,000 was met with resistance.

rose 0.33% to $10,754.20, not far from a session high of $10,993.

Traders are anxiously waiting for the popular cryptocurrency to break decisively above $11,000, which they believe could be a catalyst for a prolonged move higher.

Bitcoin and the broader crypto market are expected to come under scrutiny at the forthcoming G7 summit in Biarritz, France, this weekend. But global leaders are not expected to discuss specific crypto-related policies just yet, according to Circle CEO Jeremy Allaire. Boston-based Circle runs a platform that facilitates crypto transactions.

“Crypto as an agenda item (at the upcoming G7 Summit) is absolutely on the docket, it’s becoming obviously a major topic.” Allaire told CNBC in an interview.

“I don’t know that we’re going to see specific policy, but certainly we’re going to hear some perspective out of there,” he added.

Global lawmakers have long been critical of cryptocurrencies.

In a rebuke of bitcoin and other cryptos, U.S. President Donald Trump last month said: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Other cryptos traded in the red, with falling 1.6% to $0.27375, down 1.9% to $196.18 and losing 1.75% to $75.298.

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