Bitcoin and XRP Prices Fall Again. Why There's No Crypto Rebound Yet. — Barrons.com

By Callum KeownBitcoin, XRP and other cryptocurrencies struggled to mount a rebound Wednesday, after a sharp selloff in recent days.The price of Bitcoin fell 1.9% to $86,347, only slightly higher than the 24-hour low of $86,099, according to CoinDesk data. The world's largest cryptocurrency is still down more than 13% from where it was on Friday afternoon. Ethereum, the second-largest crypto, was up 0.5% at $2,393.XRP, the popular altcoin, was down 5% at $2.22 — above its 24-hour low of $2.16 but well below the $2.32 level it reached earlier in the day. The token surged after President Donald Trump's election victory on hopes of a more crypto-friendly administration but the rally has faded in recent weeks. XRP is still up 294% over the past six months, though."Crypto's 'Trump bump' has reversed, with digital currencies dropping sharply, back to levels not seen since November," Hargreaves Lansdown analyst Susannah Streeter said.She added that the absence of more regulatory support from the new administration has caused "deep disappointment" among investors. "Trump hasn't yet come good on promises to make the U.S. the crypto capital of the world, by setting up a Bitcoin strategic reserve for example."The lack of support has left cryptocurrencies exposed to broader market sentiment and the flight away from riskier assets in recent days. The tech-heavy Nasdaq Composite has fallen for four consecutive days, through Tuesday, dropping more than 5% over that period. U.S. stocks were rising slightly early Wednesday, but cryptocurrencies didn't get a bounce of their own, however small.For now, digital assets are under pressure.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.