Bitcoin steady after worst day in nearly 3 weeks

A day after suffering its biggest 24-hour decline in nearly three weeks, the bitcoin showed signs of stability on Tuesday.

A single bitcoinBTCUSD, +0.03% was last changing hands at $6,275.37, up 0.2% 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.

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Speaking at the Canadian FinTech Forum in Montreal on Monday, Janet Yellen, the former chairwoman 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.

Yellen had been relatively tight-lipped on bitcoin when heading the Federal Reserve. Her previous remarks came in December 2017 when she said bitcoin is a highly speculative asset.

Coins other than bitcoin, commonly referred to as altcoins, are crafting out mild gains Tuesday. EtherETHUSD, -0.08%was trading up 0.3% at $193.74, Bitcoin CashBCHUSD, +0.29%was higher by 0.5% at $413.10, LitecoinLTCUSD, +0.00%had gained 0.1% at $48.62 and XRP,XRPUSD, +0.28% was up 0.6% at 44 cents.

In futures trading, the Cboe Global Markets November contractXBTX8, +0.24% finished the day unchanged at $6,245, while the CME Group November contractUS:BTCV8closed up 0.1% at $6,245.

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