A day after suffering its biggest 24-hour decline in nearly three weeks, the bitcoin market has stabilized on Tuesday.
A single bitcoin BTCUSD, +0.22% was last changing hands at $6,281.62, up 0.3% since Monday at 5 p.m. Eastern Time on the Kraken exchange.
Monday’s drop of more than 2% brought the total value of all cryptocurrencies back toward $200 billion, according to data from CoinMarketCap.
Read: The round numbers that show just how far bitcoin has come in 10 years
Yellen downbeat on bitcoin
Speaking at the Canadian FinTech Forum in Montreal on Monday, Janet Yellen, the former chairperson of the Federal Reserve, said bitcoin lacks some key components to make it a sustainable means of payment. “It has long been thought that for something to be a useful currency it needs to be a stable source of value, and bitcoin is anything but,” said Yellen, according to Kitco.com.
“It’s not used for a lot of transactions, it’s not a stable source of value and it’s not an efficient means of processing payments,” she said, according to the report.
Janet Yellen just delivered a 5 minute rant against Bitcoin to Montreal financial industry VIPs. She went through all of Nouriel's talking points.
The Official NPC guidelines to Bitcoin FUD, courtesy of the FED. Full video coming tonight.
Buy Bitcoin. Audit the Fed. pic.twitter.com/QH5wkl11W6
— Francis Pouliot (@francispouliot_) October 30, 2018
Read: Ron Paul: Tax-free crypto could help avoid a Fed-created recession
How are altcoins and futures performing?
Coins other than bitcoin, commonly referred to as altcoins, are showing small gains Tuesday. Ether ETHUSD, +0.56% was trading up 0.7% at $194.52, Bitcoin Cash BCHUSD, +0.44% was higher by 0.7% at $414.10, Litecoin LTCUSD, +0.21% had gained 0.2% at $48.69 and XRP, XRPUSD, +1.10% was the best-performing major altcoin, was trading up 1.2% at 44 cents.
In futures trading, the Cboe Global Markets November contract XBTX8, +0.00% was up 0.1% at $6,250, while the CME Group November contract US:BTCV8 had added 0.2% at $6,255.
Read: Bitcoin is 10 years old: Here’s what to expect in the cryptocurrency’s second decade
Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.
