CryptoWatch: Cryptocurrencies drift lower, as bitcoin price target cut by 17% by research firm

Major digital currencies traded lower Wednesday, erasing gains from the prior session. Bitcoin, the worlds biggest digital currency, continues to lack direction, hovering around $7,500.

The lack of activity and inability to recover losses early in 2018 prompted research firm Trefis to lower its year-end price target for the No.1 digital currency. “Adjusting our forecast for transaction volumes in our interactive Bitcoin Price Estimator now leads to a year-end price target of around $12,500—down from our earlier estimate of $15,000,” or about 17%, according to Trefis in a June 5 research note.

“The global cryptocurrency industry has seen a flurry of new developments since December.

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