Business 3 August 2018

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.

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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