Bitcoin prices are trading lower Friday, on track for back-to-back losing sessions for the first time since late October.
The world’s largest digital currency is creeping toward its lowest level of the week trading at $6,357.02, down 1.3% since Thursday at 5 p.m. Eastern Time on the Kraken exchange. A move below $6,330 for bitcoin BTCUSD, -1.14% would mark a new weekly low.
Read: Bitcoin may be an unlikely winner in midterm elections
For Charles Hayter, co-founder of CryptoCompare it’s business as usual for crypto participants. “The $6k mark remains fairly solid, volumes are on the lighter side but we are still seeing some positive steps, albeit slowly,” he said, citing Fidelity’s decision to open a cryptocurrency trading business for institutional investors.
Hayter added that after the hype cycle of 2017, the market is slowly working its way out of the 2018 negative cycle.
Read: Fidelity launches cryptocurrency trading platform
Ethereum upgrade set for January 2019
The long-awaited upgrade the second-most popular blockchain, ethereum, has been targeted for Jan. 16, 2019. The network’s upgrade, called Constantinople, hopes to improve performance and scalability, the ability to process a larger number of transactions in a shorter space of time.
When the upgrade takes place, network participants will be required to upgrade their software together with the whole system.
all-core-devs call: constantinople upgrade for ethereum mainnet activation suggested for 16th of january 2019, block number to be confirmed on black friday in a fortnight
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) November 9, 2018
Altcoins and futures moving lower
Altcoins, the group of more than 2,000 smaller coins other than bitcoin, were trading lower on Friday. Ether, ETHUSD, -1.94% the second-largest altcoin was down 2.3% at $208.69, Bitcoin Cash BCHUSD, -5.04% was off 5.3% at $557.70, Litecoin LTCUSD, -2.72% had lost 3% at $51.37 and XRP, XRPUSD, -0.11% was down 0.5% at 50 cents.
Futures are looking at two losing sessions to close out the week. The Cboe Global Markets November contract XBTX8, -1.28% was down 1.3% at $6,340 and the CME Group November BTCX8, -1.09% was lower by 1.1% at $6,340.
Read: Bitcoin trapped in tighter range than Mexican peso, Brazilian real and other popular currencies
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