Business 8 August 2018Gerald Fenech
Crypto market daily report – August 8, 2018
The cryptocurrency markets crashed badly with all major and minor coins suffering double digit drops on Wednesday as the U.S. Securities and Exchange Commission (SEC) once again delayed its decision on a Bitcoin ETF to late September. BTC was down by at least 8% to the $6,500 level after easily slipping through the $6,800 support level, although turnover was well up to the $300 million levels, the price crash was one of the most substantial of recent weeks. However, the $6,500 figure was still not a 2018 low since BTC dropped to below the $5,800 mark in June.
Bitcoin Cash also tested fresh 2018 lows when it careened to the $620 level, or a 10% drop. Although there has been much talk of late over the interoperability of this innovative coin with its adoption over several shopping platforms in Cyprus, amongst other countries, the price continued to tank. The most worrying crash by far was in the Ripple price, however. This was down by around 14% to the $0.35 level—a price not seen since October 2017. Ethereum also lost around 8% to sink well below the $400 level, which is a psychologically significant mark and was trading at around $370 at press time—again a level not seen since 2017.
EOS also crashed spectacularly and was trading at just over the $6 level at press time, which is very close to its 2018 low of around $5.80. Ethereum Classic was perhaps the only outlier in this sea of red since it was down to the $16.30 level having lost some of the gains it made over the past few days. Cardano was also down by a considerable 8% to the $0.11 level, whilst Stellar continued a similar downward trend although it only lost a relative 6% to the $0.22 level. Other currencies such as Litecoin and NEO were also down considerably to the $66 and $23 levels respectively—both coins were now at their September 2017 price levels. ICX and IOTA also posted drops of 5% and 13% respectively, whilst Ontology was the coin that performed best in this bloodbath by dropping only 2% overall to the $2.13 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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