Digital currencies traded lower Friday, unable to capitalize on solid gains earlier in the week. The slide in bitcoin, which makes up 45.2% of the total market cap of cryptocurrencies, has pushed the overall value of the market below $250 billion, just about $7 billion away from making a five-month low.
Late Friday,The Wall Street Journal reported that U.S. digital currency exchange Coinbase is in talks with regulatory bodies about registering as a licensed brokerage firm.
Bitcoin was down 2.4%, trading at $6,610.67, slightly off its overnight low of $6,513.10.
Futures followed the spot market lower. The Cboe’s April contract closed down 2.5% at $6,605 and the CME Group Inc. April contract finished the week at $6,630. down 1.9%.
Bitcoin saw upbeat trading on Friday compared with other coins. Ether, which runs on the Ethereum network, lost 3.5%, trading at $370.14 late Friday.
Bitcoin Cash was the worst performer, down 6.1% at $607.33.
Litecoin was off 4.5% at $114.03.
Ripple’s XRP coin was back below 50 cents, last trading at 47 cents, down 4.9%.