Business 9 August 2018

Gerald Fenech

Crypto market daily report – August 9, 2018

The cryptocurrency market appeared to be stabilizing on Thursday after a vicious selloff that saw the vast majority of the top coins sink with double-digit losses. BTC continued descending, even touching the $6,100 level before it recovered slightly to hover just above the $6,300 level, although there could be another downward spiral if turnover does not hold.

Bitcoin Cash also began a muted recovery, and after dropping to a yearly low in the mid $500s, it moved up by around 10% to the $600 level and also looked poised to make further gains. Ethereum managed to stop the bloody loss where its price descended to the mid $350 levels although it did not increase by much—trading at around $360 at press time. Ripple was the only coin in proper positive territory on Thursday morning as it traded at around $0.35, an 8% increase after it had touched the $0.33 mark on Wednesday, which is a new 2018 low and a level not seen since September 2017.

EOS appeared weak in holding its value and was down to the $5.75 level, although there could be a push for the $6 level if turnover picks up. Ethereum Classic practically lost all the gains it made in the past days where it was down to just over the $15 level—a decrease of 25% overall over 48 hours. Cardano appeared stable at the $0.12 level, although even here, turnover was rather low. Stellar regained the $0.20 level, whilst NEO continued sinking and was trading at just over $22 at press time.

Currencies with smaller market caps continued taking a beating, with IOTA losing almost half its value over the past 48 hours. The coin was down 15% at $0.64 with the price hovering close to $1 only a few days ago. NT was similarly down by around 11% to the $1.91 level; whilst ICX suffered a more modest 2% decline to the $0.78 level. VET continued declining spectacularly and lost another 5% on Thursday morning to trade at the $0.011 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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