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Bitcoin Leads Cryptocurrencies Lower; Barclays Cuts Banking Services to Coinbase

Investing.com

Investing.com - Cryptocurrencies overall headed lower on Wednesday with bitcoin leading the decline.

Although not a directional mover, sector headlines were concentrated on the fact that Barclays (NYSE:BCS) has reportedly decided to stop providing banking services to the cryptocurrency exchange Coinbase.

The banking services relationship between Barclays and Coinbase began in March of last year and allowed the exchange’s users to purchase cryptocurrencies with pounds and withdraw their funds, according to the Reuters report.

Barclays declined to comment on the reasons for the decision in response to an inquiry from the news agency.

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Global banks have been reluctant to do business with cryptocurrency exchanges due to concerns that digital coins are being used for money laundering.

Coinbase had indicated that the original agreement with the British bank had hit snags as the exchange needed to prove that it had systems in place to ensure that it could avoid money laundering.

Total cryptocurrency market capitalization decreased to $281.84 billion by 9:12 AM ET (13:12 GMT), compared to $288.31 billion a day earlier.

Bitcoin led declines in the sector, falling 5.9% to $10,623.4, on the Investing.com Index. Bitcoin is the largest digital currency by market capitalization, equivalent to approximately 67% of the total market.

In other cryptocurrency trading, Ethereum lost 1.8% to $206.09 by 9:18 AM ET (13:18 GMT) and XRP declined 1.4% to $0.29406.

Bitcoin Cash, the fourth largest altcoin, broke the general trend, holding steady at $338.72.

Litecoin meanwhile traded down 3.3% to $83.062.

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