Major cryptocurrency prices traded in a tight range Tuesday as all eyes focused on testimony Jerome Powell—his first as chairman of the Federal Reserve.
The No.1 digital currency, bitcoin BTCUSD, +2.99% crept higher, edging its way toward key resistance between $11,500 and $12,000, trading at $10,637.90, up 3.1%.
“It’s been a relatively quiet session so far in Europe with no major economic data leaving markets trading mostly flat. Even bitcoin is having a quiet day so far by its own standard, with the cryptocurrency trading a couple of percent higher on the day and back above $10,000,” Craig Erlam, senior market analyst at OANDA, wrote Tuesday morning.
“Bitcoin rallied close to $12,000 last week before stalling and paring gains, having run into resistance around what was an equally tough hurdle in the second half of January, he added”
Bitcoin has made multiple attempts to push through the resistance above $11,000 of late, each to no avail.
Satoshi Nakamoto (or the man who claims to be him) in trouble
Craig Wright, the Australian entrepreneur who in 2016, claimed to be the man behind bitcoin, is facing a lawsuit. In a federal court filing n Florida, the Australian man is accused of defrauding more than $5 billion in bitcoin and other assets from former business partner Dave Kleiman.
The lawsuit was filed by Ira Kleiman, on behalf of Dave Kleiman’s estate after Dave Kleiman’s death in 2016. The suit claims that Kleiman owned between 50 and 100% of the more than 1 million bitcoin possessed by W&K Info Defense Research LLC—the company founded by the two in 2011.
In the bitcoin world, Satoshi Nakamoto is widely viewed as the pseudonym for the person or persons behind the No. 1 cryptocurrency’s genesis.
Goldman’s CIO sees bubble signs
Elsewhere Tuesday, Sharmin Mossavar-Rahmani, the chief investment officer at Goldman Sachs’s Private Wealth Management Group told Business Insider that bitcoin and ether are showing all the hallmarks of a bubble as valuations skyrocket out of control.
‘We think cryptocurrencies in their current format, meaning that in the current incarnation, are in a bubble,” Mossavar-Rahmani said.
What other cryptos are doing
Other major cryptocurrencies also traded in relatively tight ranges Tuesday. Ether was up 1.2% at $879.48, bitcoin cash was lower by 0.1% at $1,248.88, Litecoin was lower by 0.8% at $216.07, and Ripple was unchanged at $0.96, according to news and research CoinDesk.
Futures markets have opened in the green. The Cboe Global Market’s March contract XBTH8, +3.19% was up 3% at $10,640 and comparable contracts trade on CME Group Inc. BTCH8, +3.90% was up 3.9% at $10,650.