Business 12 July 2018

Gerald Fenech

Crypto market daily report – July 12, 2018

The cryptocurrency markets could be in for another slide on Thursday as most of the major currencies continued registering declines. SegWit BTC hovered around the $6,300-$6,350 mark on Wednesday but then took a tumble on Thursday morning and was trading at around $6,200, with a slide to below the $6,000 level not unexpected if turnover pressure continues.

Ethereum registered a small increase of around 2% to buck the trend although even here, the currency was suffering from low turnover and selling pressure. Bitcoin Cash was stable in a tight trading range of between $680 and $690 although even here, the turnover was very low indeed. News regarding the adding of a Bitcoin Cash wallet on the WeChat platform did not boost the price much either.

Ripple continued its slow decline and slipped to below the $0.45 level trading at $0.445 at press time, when it appeared to be under further selling pressure. After a mini revival, Litecoin was also down to the $75 levels and a further decline looks on the cards in the next few days. EOS also continued its decline and was down to well below the $7 level trading at $6.68 with further drops expected.

Currencies with smaller market caps also continued declining, with NEO dropping a further 5% to trade at the $32 level. Stellar also continued dropping and was trading at $0.18 at press time whilst Dash continued declining to the $210 level with the $200 mark not far off. It is hard to believe that this currency was once trading at the $1,500 level a few months ago. Ethereum Classic also continued losing the gains it made over the past week and fell below the $16 level to trade at $15.90 for the first time in several days.

Other currencies such as Cardano and IOTA also remained in negative territory with the former declining to around $0.125, whilst the latter was trading at $0.95 at press time. Coins such as Ontology and QTUM also suffered drops of between 3%-5% and appeared to be poised for further drops in the short term.

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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