Business 6 July 2018

Gerald Fenech

Crypto market daily report – July 6, 2018

The cryptocurrency markets’ decline continued on Friday morning as selling pressure hit sentiment, with most of the top 10 cryptocurrencies showing losses of between 2% and 7% with some falling even further. BTC fell to the $6,500 level on Friday, a decline of around 2% overall.

Bitcoin Cash also fell by around 6% to trade at $720 at press time, falling dangerously close to the $700 level. News that Thailand had introduced new rules and will be accepting seven cryptocurrencies for investment, including Bitcoin Cash, did not have much of a positive effect on the price. Ethereum did not move by much and was down by only around 1% to the $460 level, although there appeared to be considerable support at the $450 price range. The currency’s co-founder was again in the news of late, although this did not seem to be affecting the price at all.

Ripple was also in a slow decline and was trading at around $0.47 at press time, whilst Litecoin was also down by around 6% to the $82 level. EOS sank to well below the $9 mark and was trading at around the $8.60 mark with further falls expected over the weekend due to the usual market conditions of low turnover. NEO fell back considerably after two days of constant gains and was trading at around $37.70 at press time—a decline of 9% overall after having reached the $41 mark on Thursday.

As already indicated, Ethereum Classic was the only outlier with an increase of around 2% over a 24-hour period to retake the $17 level at press time. Dash was down by around 1% to the $236 mark, whilst Cardano continued falling, albeit at a slower pace and was trading at around $0.145 at press time—a decline of 2% after the 6% fall it experienced on Thursday. Other currencies such as IOTA, Ontology and Stellar also experienced considerable losses of between 5 and 8%.’

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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