Crypto market daily report – August 7, 2018

The cryptocurrency market continued its slump on Tuesday with the exception of Ethereum Classic, which continued to rise inexorably post its announcement that it would be traded on Coinbase. In fact, the Ether spinoff was trading at around $19.30 on Binance at press time on Tuesday. BTC was down to the low $6,900 levels and was trading at around $6,930 at press time on Tuesday. News that an ETF could possibly be approved on Aug. 10 boosted sentiment, although this was not being reflected in price or turnover.

Bitcoin Cash did not proffer much movement and was trading at around $690 at press time—quite close to its yearly low with spiralling turnover. Ethereum remained stuck in the same price range of between $400 and $410 with every chance that it could drop below the $400 level. Ripple continued declining at an alarming level and settled at the $0.40 level—a price that was last seen in December 2017 before the currency’s big bull-run. XRP is now down by almost 500% from its all time high of $3.50. Litecoin remained relatively stable at the $73 level with little movement either way and on low turnover.

Other currencies also suffered considerable declines and continued losing value. Stellar Lumens dipped by about 6% to the $0.23 level; it is now down by well over 40% from its high over the past two months when it reached the $0.34 level. NEO also continued losing in value and was trading at $25 at press time—this currency is also down by well over 300% from its six-month high of $130 achieved in February. EOS was relatively stable at the $7 level, but again there was not much energy for a positive move upward. Cardano also saw a drop of around 4% to settle at the $0.128 level, whilst IOTA saw a heavier drop of well over 8% to trade at the $0.83 level at press time. ICX also lost a similar amount where it was down by 9% to the $0.83 level, whilst Dash dipped again below the $200 level for the first time in almost a year.

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