Business

Gerald Fenech

Crypto market daily report – August 3, 2018

The cryptocurrency market continued its decline on early Friday morning as a negative sentiment seemed to prevail over all the Top 10 coins. BTC continued its slide down to the psychologically significant $7,000 level when it dropped below $7,400, which was considered to be a key support level. At press time on Friday, BTC was trading at just above the $7,300 and was expected to fall further during the day on declining turnover. It appears that all the FUD regarding exchange traded funds (ETFs) which now seem to be quite a long way into the distance have affected price sentiment with BTC suffering accordingly.

Bitcoin Cash also suffered a decline of around 7% to trade at the $710 level, but even here selling pressure was forcing the price further downwards. Ripple was the currency least affected by these sheer drops, declining by only around 1% to just below the $0.44 level. Ethereum was down by around 4% to just above the $400 level at press time—a low for the year, although if it drops below the $400 level then a further decline may be expected. EOS careened down to below the $7 level, and was trading at around $6.95 at press time with very little support either way.

Other currencies with smaller market caps suffered far more significant losses. Stellar was down by around 11% to trade at the $0.24 level, whilst NEO suffered an 8% drop to trade at the $26 level, another low for this year. Cardano also suffered a considerable 10% drop to trade at around $0.12; whilst the biggest drop was experienced by VET, which careened down by no less than 28% to trade at the $0.013 level. Ethereum Classic also dropped significantly with an 8% decline to around $14.50. Other currencies such as Ontology and ICX also experienced huge drops of almost 17% each to trade at $2.22 and $0.88 respectively. The only positive performer appeared to be IOTA with a 5% rise to the $0.96 level.

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