Crypto market daily report – August 23, 2018

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The cryptocurrency market experienced another downturn on Wednesday afternoon and Thursday morning, with most major currencies seeing the gains made on Tuesday vanish within a matter of a few hours. BTC careened down by well over 5% to the $6,400 level after having reached the $6,900 mark earlier on Wednesday. There was no real explanation for this sudden selloff, although the restoration of the Bitmex exchange where shorters were prevalent could have been involved in the precipitous drop.

Bitcoin Cash also experienced a considerable decline of well over 8% to settle at the $520 mark—another low for 2018. Earlier in the day, BCH had reached the $550 level but after the BTC selloff, the currency descended with it and settled at the $520 level. Ethereum also dropped by 5% and traded at around $275 on Thursday morning at press time, a decline of around 5% after having descended to the $260 level late on Wednesday. Ripple declined by around 2% to the $0.32 level but seems to have found its price level in this area since it has oscillated between the $0.34 and $0.31 level for the past few weeks.

EOS once again fell sharply below the $5 level on rather low turnover, settling at the $4.73 mark; whilst Litecoin experienced a slightly less marked decline, dropping by around 4% to the $55.50 level. NEO fell by around 8% to trade at the $16.80 mark; whilst Ethereum Classic continued declining precipitously, falling to the low $12’s to trade at around $12.22 at press time. Stellar also continued declining where it fell below the $0.21 level for the first time in weeks.

IOTA continued its decline where it dropped by a steep 9% to the $0.49 level, whilst VET also experienced a similar 9% drop to trade at $0.014 at press time on Thursday. ONT was down 10%, whilst ICX experienced a 7% drop as both currencies suffered hard in the downturn. Cardano was also down by 7% to a 2018 low of $0.089.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.