The value of bitcoin was little changed Thursday morning, as the BTC/USD consolidated below $600 following a sharp selloff earlier in the week.
At the time of writing, the BTC/USD exchange rate was trading at $596.01, according to CoinDesk. Bitcoin’s price plunged more than 2% on Wednesday to reach its lowest level in three weeks.
The digital currency established a new low of $593.71 on Wednesday. A fall below that level would likely expose the psychological $550 region as the next price target.
Bitcoin was in the news this week after Tyler and Cameron Winklevoss announced they were set to launch Gemini Trading, an exchange devoted to bitcoin and ethereum trading.
“It’s the first ever end-of-day auction on a bitcoin exchange. It’s a pretty standard feature on traditional exchanges that didn’t exist on a bitcoin exchange until now,” Tyler Winkelvoss told CoinDesk on Wednesday.
Earlier this week a US federal judge ruled that bitcoin qualifies as money in a criminal case over cyber breaches against US financial services provider JPMorgan Chase. US District Judge Alison Nathan rejected an attempt by Anthony Murgio to dismiss charges related to his involvement in Coin.mx, an unlicensed bitcoin exchange. Murgio had alleged that the digital currency did not qualify as “funds” under federal laws banning the operation of unlicensed money transmitting operations.
“Bitcoins are funds within the plain meaning of that term,” Judge Nathan wrote. “Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment.”
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