Business 11 July 2018Gerald Fenech
Crypto market daily report – July 11, 2018
The cryptocurrency markets continued their steep decline on Tuesday afternoon and Wednesday morning with all major currencies dropping by large margins that varied between 5% and 10%. SegWit BTC led the way with a considerable drop of around 6% to settle at the $6,300 level from a high of around $6,600.
Bitcoin Cash also ceded the $700 mark and dropped below the $690 level to trade at around $682 at press time. The positive news that the currency was to be accepted by further payment gateways have no positive effect on the price, although the news of another network upgrade taking place in November could also be a factor for the price drop.
Ethereum also continued dropping by around 5% and traded at $430 at press time on Wednesday morning with the possibility that it could drop further and move below the psychologically significant $400 level. Ripple also dropped by a similar margin of around 4% to settle at the $0.44 mark, with a slide to the psychologically significant $0.40 level not too far away. Litecoin was also down by around 2% to settle at the $76 mark.
EOS continued its disastrous decline and dropped by a further 9% on Wednesday morning to trade at around $6.80. There seems to be no stopping the decline of this currency which has continued to experience bad news since its main net launch in early June and it is now down by well over 30% from its monthly high of $9 in July. NEO also continued dropping like a stone and was down a further 6% on Wednesday morning to trade at the $32 mark with the psychologically significant level of $30 not that far away.
Other currencies with smaller market caps also suffered a considerable beating. Cardano slipped to below the $0.13 level to trade at $0.126, whilst Dash continued dropping to below the $220 mark and was trading at $215 at press time. Stellar also dropped to the $0.18 levels, whilst IOATA slipped to below the $0.95 level—a 6% decline. Ontology and QTUM also recorded steep losses of between 5% and 7% respectively.
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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