Crypto Today: Bitcoin pauses 3-day sell-off, Stellar outperforms

Having witnessed a rough week so far, all of the top 10 cryptocurrencies (by market capitalization) staged a comeback on Thursday, with Bitcoin tracking the rebound its rivals Ethereum and Stellar. Despite the recovery mode, Bitcoin is heading for its biggest monthly decline since January 2015.

According to the data from Coinmarketcap.com, Bitcoin’s sell-off has eroded nearly $ 60 billion of its market value last month. At the time of writing, Bitcoin jumps 1% to trade near $ 10,200 levels. Meanwhile, Ethereum rallies 7.50% to $ 1156 and Stellar, the 6th-largest cryptocurrency by market capitalization, bounces 10.31% to $ 0.533 levels.

There is no catalyst seen behind the bounce in the cryptocurrencies, however, a bout of profit-taking cannot be ruled out after the recent sell-off. The spot fell to a two-week low of $ 9,761 on Wednesday amid a slew of negative news, suggesting the more regulatory clampdown on the cards.

Bloomberg reported Bitfinex and Tether were subpoenaed by the US Commodity Futures Trading Commission (CFTC) last week while Facebook seeks to ban all ads on its social network promoting digital currencies, initial coin offerings (ICOs) and binary options.

Further, the US Securities and Exchange Commission (SEC) obtained a court order to freeze the assets of an initial coin offering claiming to have raised $600 million. Also, Goldman Sachs concerns over the quick rollout of Bitcoin futures combined with the latest remarks from Monetary Authority of Singapore (MAS) weighs down on the prices. The MAS noted that they are watching developments in the crypto space.