Business 24 May 2018

Gerald Fenech

Crypto market crashes, BTC sinks to $7,500

Cryptocurrency markets had a torrid day on Thursday as every single top tier currency continued to sink by considerable margins. Leading the way was BTC, which dropped to $7,500 before rebounding slightly to around $7,700 at press time, although indications are that this might even drop further to the $6,000 mark before a rebound.

Bitcoin Cash continued falling precipitously and was trading at just above the $1,000 mark at press time, although there was some support at that level. Although the currency continued to be adopted on various platforms, there still is a level of uncertainty in the market and the price of BCH has suffered accordingly together with other currencies.

Ripple also suffered a huge decline dropping from $0.65 to below $0.60 in a matter of one hour. Again, although the currency is rapidly being adopted across various payment platforms, the price has descended steeply and is now well below 60% from its monthly high of around $0.90 registered just a few weeks ago.

Ethereum declined rapidly to the $600 level and even fell beyond that at press time, with signs that it might recover that position soon. Litecoin also dipped below the psychological support of $120 when it was trading at around $119 at press time with further drops expected. It is quite strange to note that after an excellent April, May has been an absolute disaster for cryptocurrency investors with prices falling by double digits across the board.

Smaller currencies by market cap also saw huge declines across the board. NEO was down by 10% to the $53 level, whilst EOS continued dropping like a stone to reach the $11 mark, close to its low of two months ago before the huge boost of past weeks that saw its price rise to $24. And with main net approaching on June 1, several investors are in a quandary whether to go with this currency.

Dash started to recover from its low of just above the $300 mark and was trading at around $340 on Thursday, while Stellar was also in recovery mode having gained around 3% on Thursday morning after having dropped to around $0.25 on Wednesday. Ethereum Classic was another big loser on Wednesday, having gone down to well below $16 and traded just above the $15 level on Thursday morning.

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.

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