Business 23 March 2018Gerald Fenech
BTC price drops 8% as cryptocurency market recovery stalls
After a relatively fine three days of recovery in the cryptocurrency markets when most coins went up by around 20% from their 2018 lows, the markets were once again back in deep red on Thursday and Friday morning. Most coins experienced steep drops of around 8% with the smaller coins by market cap, Stellar and NEO demonstrating even steeper drops of closer to 10%. There has not been much indication of what caused this dramatic turnaround but it appears that the news that the cryptocurrency exchange Binance was under investigation by the Japanese authorities could have been a factor.
Legacy Bitcoin (BTC) experienced a considerable drop from its intra week high of $9,000 when it fell drastically and was trading at around $8,400 at press time with further pressure expected at the $8,200 point. Bitcoin Cash also had a disappointing 24 hours, although the drop was not as steep as BTC at around 5%. The cryptocurrency was trading at around $975 at press time, having fallen below the psychologically significant $1,000 level.
Ripple, which had not even participated in the recent recovery rally, experienced an even steeper drop and was trading at $0.62 at press time with fears that it could even drop below the psychologically significant $0.60 level and spiral all the way downhill.
Of the other coins with larger market cap, Ethereum was down to around $530 with good support appearing at the $500 level whilst Litecoin fell below the $160 level to trade at $158 at press time, although there appears to be good support at the $150 level. After a substantial recovery where the price was up to the $22 level, Ethereum Classic experienced a steep drop of around 8% and was trading at $18-19 at press time. The days of the mid $30’s and even over the $40 mark for this currency seem to be long gone. Dash was another of the major fallers where it even dropped to below $400 at press time, a decline of around 10%. It is quite strange to believe that this currency had even touched the $1500 mark in late December 2017.
Although many investors had predicted a turnaround last Monday, it now appears that the market is still weak in its recovery. It appears that pump and dump schemes on various new coins are having a detrimental effect on the established ones that are seeing their values shrinking considerably. The outlook for the near future appears rather bleak at least for now.
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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