Business 25 April 2018

Gerald Fenech

Bitcoin Cash holds on to its gains as crypto market recovery stalls

The cryptocurrency market experienced a slight correction on Wednesday morning from the dizzying highs experienced earlier in the week. BTC traded around $9,800 on Tuesday night, but eventually dropped to the $9,200 mark before recovering slightly to around $9,400 with selling pressure at that level.

Bitcoin Cash saw a slight retracement from Tuesday, dropping by around 8% to trade at $1,350 at press time but still held on to most of its gains over the past few days. The drop was probably due to investors cashing in on some short-term profits after the dizzying rise of 160% since April 1—a record in cryptocurrency price movements. With a lot of good news coming from the mining front and a hard fork expected in mid-May, Bitcoin Cash is expected to rise much further over the coming days.

Ripple also saw a retracement of around 10% to the $0.87 mark at press time having reached the $0.96 mark on Tuesday, which, again, could be attributable to selling pressure. After a meteoric rise over the past 48 hours where it even touched the $700 mark, Ethereum also retraced by around 10% to touch the $650 mark, although it was in recovery mode at press time trading at around $670 and well on its way to regain the $700 level. Litecoin was also down by around 5% to trade in the mid $150’s although the drop was not as steep in this coin. Ethereum Classic had advanced considerably on Tuesday to trade at the $22 mark but retraced again to the $20 level with major support at that level.

Of the currencies with smaller market caps, an almost identical pattern was to be seen. Stellar dropped by around 11% to trade at $0.37 after having been well over the $0.40 mark on Tuesday. NEO also saw a considerable retracement of around 8% to trade in the mid $70’s again after having reached the $83 mark on Tuesday. Dash also dropped by 8% after having been well over the $500 mark on Tuesday to just under that level although it could easily bounce back in this bull market. EOS retraced slightly from its dizzying 35% rise on Tuesday but was only down by around 5% and was consolidating at the $14.50-$15 level.

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.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More