Business 15 June 2018Gerald Fenech
Crypto market daily report – June 15, 2018
The cryptocurrency markets continued to show slight gains on Thursday and these were taken into Friday, although there was retracement for some currencies on low turnover. BTC continued to recover from its drop to $6,100 and was trading at around $6,600 at press time. News that several firms were getting licenses for wallets and other general operations undoubtedly boosted the price.
Bitcoin Cash also moved consistently forward and was trading at around $880 at press time on Friday, although this was a retracement from the $900 seen on Thursday afternoon. Still, news that U.S. cryptocurrency exchange ItBit had added a number of cryptocurrencies on its roster, including Bitcoin Cash, undoubtedly provided some boost to prices in general.
Ethereum also showed a considerable increase after it was announced that the U.S. Securities and Exchange Commission (SEC) would not be classifying the cryptocurrency as a security. In fact, the price rose to around $530 before settling at around $510 at press time.
Ripple was also up by about 8% from its low of $52 and was trading at $0.55 at press time. There was some bad news for the cryptocurrency after Western Union shot down proposals to added the coin to its arsenal, although these statements have changed several times in the past. Litecoin retraced slightly from the $100 level but appeared to be well supported at $98, with a push forward well over the $100 mark to be expected.
EOS had a considerable boost after it was announced that the main net had reached the 15% voting rights threshold so everything could continue as planned. The price sailed over the $11.50 mark on Thursday evening and settled at around $11.10 at press time, with further increases possible in the short to medium term.
Currencies with smaller market caps also saw considerable gains over the past 24 hours, with Stellar showing a 15% increase to around $0.24 although there was a slight retracement to the $0.23 level at press time. NEO initially sailed past the $40 level but eventually retraced slightly although there’s good support at that level. IOTA and Cardano were stable at the $1.29 and the $0.17 level after having increased significantly from their lows of mid-week. Dash was up to the $270 mark, while Ethereum Classic increased by about 5% to the $13.70 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.
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