Investing.com – Bitcoin was roughly unchanged on Tuesday after the popular digital currency struggled to breach $4,000 as trading action was restricted to a narrow range.
On the U.S.-based Bitfinex exchange, bitcoin fell to $3913.6, up $16.4, or 0.42%, as the popular digital currency bolstered its market cap to $65bn.
A day after Bitcoin rallied more than 6%, fueling investor hopes that it would soon break out of its 13-day $600 trading range, the digital currency eased from highs before turning negative.
The period of consolidation in Bitcoin comes after the digital currency suffered one of the worst crashes in its nine-year history following China’s decision to ban local exchanges, forcing them to cease trading activity by October 30.
Elsewhere, Ethereum, the second largest cryptocurrency by market cap fell 1.98% to $289.36 as traders mulled over the upcoming Ethereum Byzantium update in October which could result in yet another split or so called hard fork in Ethereum.
Investors had to contend with volatile trading action during the months leading up to Ethereum’s last major update, which led to hard fork, creating Ethereum Classic.
In other cryptocurrency trade, Bitcoin Cash rose 0.38% to $453.