Business 13 June 2018

Gerald Fenech

Crypto market daily report – June 13, 2018

The cryptocurrency markets continued on a slump on late Tuesday and early Wednesday, with BTC slipping below the $6,600 mark to trade at $6,575 at press time. The bad news regarding the attacks on several exchanges, including the latest one on Bitfinex, have taken their toll, and several analysts expect the slide to take BTC below the $6,000 mark before effecting a rebound.

Bitcoin Cash also slipped below the $900 mark to trade at $870 at press time, although there’s strong support at the $850 level. Ethereum also slid below a psychologically significant level—that of $500 and was trading at around $490 at press time on Wednesday. There was a considerable amount of selling pressure and FUD on the currency at the moment, which is affecting a recovery across the board.

The only outlier was Ethereum Classic which saw an incredible 20% rise to the $15.50 level on Tuesday afternoon. This was most probably due to the announcement that the virtual currency would be listed on Coinbase shortly. However, after that initial spike, ETC lost some of its momentum and was trading at $14.70 at press time on Wednesday morning. Ripple continued falling and was trading at $0.55 with support at the $0.50 level, although it’s unlikely that it would fall further in the short to medium term.

EOS continued to fall and was trading at around $10.30 on Wednesday morning undoubtedly due to the news that the main net had stalled due to lack of take up from token holders. The currency had fallen even further to below the psychologically significant $10 level but recovered slightly at press time.

Currencies with smaller market caps continued to shed their values considerably. Stellar Lumens fell below the $0.23 level, careening towards the $0.20 mark which is close to its low for the year. NEO was also steeply down and was close to the psychologically significant $40 level. Cardano and IOTA were also down by about 8%, with the former at around $0.16 and the latter now below the $1.30 region and trading at $1.28 at press time. TRON was trading at $0.04, down almost 50% from its recent high, whilst others such as Ontology and QTUM were also down by around 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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