Investing.com – Cryptocurrency prices were flat on Tuesday as Bitcoin remained near 6-week lows with no end in sight of the crypto bear market.

Bitcoin decreased 0.58% to $3,414.00 as of 8:59 AM ET (13:59 GMT) on the Investing.com Index.

Cryptocurrencies overall were flat with the total coin market capitalization at $112 billion at the time of writing. Digital coins lost $7.5 billion on Monday, as the sector remained under pressure after comments from JP Morgan analysts last week said that Bitcoin could fall to as low as $1,260.

Comments from Huw van Steenis, senior adviser to Bank of England (BoE) governor Mark Carney, also weighed after he said on Bloomberg Television that major cryptocurrencies, “fail the basic tests of financial services.”

Ethereum rose 1% to $105.53 and Litecoin was at $31.17, up 1.26%, while XRP inched up 0.39% to $0.28983.

Meanwhile the Bank of Korea said it would not issue a digital currency in the near term, according to the Korea Herald.

The bank completed its study on the possibility of a cryptocurrency backed by fiat, but said there is no urgent need for the central bank to issue virtual coin.

“We have no plans to issue any type of CBDC that is available for all people in the near future,” an unnamed BOK official said in a briefing, according to the Korean Herald. “We have to work further on benefits and costs of CBDC implementation first.”

Some countries, such as Sweden, Tunisia and China, are looking into digital coins. However other banks, including the Federal Reserve, have rejected the idea.

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