Business 9 May 2018Gerald Fenech
Bad news, FUD pull cryptocurrency market down
A combination of bad news, FUD and a general negative sentiment pulled the cryptocurrency market down yet again on Tuesday, with BTC dropping further to flirt with the $9,000 mark. The news of U.S.’s withdrawal from the Iran nuclear agreement also appeared to have a negative effect on the market Wednesday morning, which saw all major cryptocurrencies decline considerably across the board.
Bitcoin Cash was also down considerably and dipped to $1,500 mark, foregoing the momentum of recent days when the cryptocurrency reached $1,800. Ripple continued to lose ground and dipped well below the $0.80-mark, trading at around $0.77 at press time. The currency has had a torrid time of late with its considerable recovery stalled and looking to dip further especially with news of a lawsuit in the U.S. hanging over its head.
Litecoin saw a considerable retreat to well below the $160 mark and was trading at around $152 at press time. After the spectacular FUD on Monday, where Ethereum was supposed to be discussed by the U.S. Securities and Exchange Commission with nothing at all coming out of the phantom hearing, the currency continued dropping and was trading at around $730 at press time as selling pressure continued to hit. After hitting the $800 mark last week, there was speculation that ETH would go on and reach new highs by mid-May, but this setback appears to have dampened those hopes considerably. Ethereum’s sister currency, Ethereum Classic, also took a considerable hit and was down to the low $20’s at one point although it did recover somewhat to trade at around $20.80 at press time.
Currencies with smaller market caps also took a beating, with NEO continuing to fall further below the $75 level and trading at around $73 at press time. This is down by at least 20% from its monthly high registered just a few days ago. Stellar also continued dropping and was trading at around $37 at press time with a drop of 20% from its monthly high. Dash also experienced a rather steep fall from the highs it had experienced over the weekend and was trading in the low $400’s over the past few hours. After being the only currency to hold its own on Tuesday with a small increase, EOS also dropped slightly on Wednesday morning trading to around $17.50.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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