Business 1 August 2018Gerald Fenech
Crypto market daily report – August 1, 2018
After a mixed start to the week, the cryptocurrency market took a substantial nosedive on Wednesday morning. BTC suffered a considerable 8% drop and was trading at around $7,480 at press time. This was indicative of bearish sentiment across most exchanges with turnover also on the down. All the talk of exchange traded funds (ETFs) and their eventual rejection by the U.S. Securities and Exchange Commission (SEC) has placed a considerable damper on the short-term prospects of the cryptocurrency.
Bitcoin Cash also suffered a considerable retracement, although the drop was not as large compared to others. With today being Bitcoin Cash Day, the innovative cryptocurrency was trading at around the $750 mark—a drop of 6% although there seemed to be interest in the coin as turnover was considerably up here. Ethereum slowly descended even after the positive pronouncements by Vitalik Buterin and was trading at the $420 mark or a decline of 7% with turnover second highest below BTC but still in bearish sentiment.
EOS was also considerably down having suffered a 10% during Tuesday trading and a further 5% drop on Wednesday morning at press time to trade at the $7.25 mark. Ripple continued to decline and reach further yearly lows, although the drop was slightly less than in other cryptocurrencies with a retracement of 3% to the $0.43 level. Litecoin suffered a 5% drop to the $77 level, whilst Stellar lost a similar amount to trade at the $0.27 mark at press time on Wednesday. Ethereum Classic was also down by 5% to trade at the $15.90 level, dropping below the psychologically significant $16 mark.
Other smaller market cap currencies suffered considerable hits with NEO down by over 8% to dip below the $30 mark for the first time in weeks. Cardano was also down to the $0.14 level, whilst IOTA and Ontology suffered declines of 5 and 12% respectively. ICX was also down by 12%, but the biggest drop was in VET, which crashed by a staggering 20% to the $0.02 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.
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