Business

Gerald Fenech

Crypto market daily report – June 22, 2018

After experiencing a mini rally over the past few days, Friday saw familiar territory for cryptocurrencies as the vast majority of the top coins experienced steep losses. BTC dropped by more than $200 on Friday morning to settle around the $6,500 mark after having almost reached the $6,800 mark on Thursday—thanks to the recent Bithumb hack.

Bitcoin Cash also suffered a decline of around 7% to settle at around $822 from the $900 levels experienced on Thursday. Ethereum also experienced an 8% decline, which brought the price hovering to around the $500 mark—a level not seen since last week. Ripple dropped to the $0.51 mark having recovered nicely in the previous days but all was lost in just a few minutes as the price tanked by 5%. Litecoin was down by around 8% and touched the $90 level as prices have now returned to November 2017 levels.

EOS was the biggest loser of the day, however, with its price crashing through the $10 barrier and settling at a 2018 low of $9.40 with further falls expected. There has been a lot of bad news with regards to the main net and its implementation, resulting in consternation amongst users regarding voting rights—a generally negative effect on the cryptocurrency’s price.

Currencies with smaller market caps also saw significant downturns on Friday at press time. Stellar was down 7% to the $0.21 level whilst NEO continued experiencing a severe decline with the price tanking to the $35 level—a  2018 low although the fundamentals for the currency remained good. Dash was also down by about 5% to drop below the psychologically significant $250 level and settle at around $248. Ethereum Classic was also not immune to the Friday drop and experienced a 7% decline to settle at around $16.50, practically losing all the gains it made over the past 24 hours. Cardano also corrected significantly to drop below the $0.15 level, whilst IOTA was down by 6% to the $1.09 level.

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