Gerald Fenech

Crypto market daily report – June 28, 2019

The cryptocurrency market experienced what can be considered one of the worst-ever crashes in recent years, as practically all the gains made in a month were wiped out in just a few hours.

SegWitCoin (BTC) was the chief mover with a humongous drop of around 25% over a 24-hour period, falling like a stone from the $13,900 mark on Wednesday to around $10,500 on Thursday. It recovered slightly on Friday at press time where it was trading at around $11,400, although this was still considerably down from its Wednesday high. Ethereum (ETH) also suffered a savage drop of around 20% from a high of around 360 to well below the $300 mark before recovering slightly to trade at around the $302 mark at press time.

Another considerable sufferer was Bitcoin SV (BSV), which dropped by no less than 20% to under the $200 level although it recovered slightly at press time to trade at just over the $202 level.

Litecoin (LTC) sank to below the $115 mark at one point—a 25% drop although it was trading at around $117 at press time on Friday. BCHABC suffered a calamitous drop to even below the $400 level on Thursday, or a 25% crash before recovering slightly to the $414 level on Friday.

Other currencies which suffered considerable drops included Ripple (XRP) which was down 18% to just over the $41 level, and EOS, which was perhaps the greatest loser amongst the Top 10 coins, as it was down by almost 30% to the $5.86 level after having even dropped as low as $5.40 at one point. ADA, XLM, NEO and IOTA also saw double digit drops, which ranged from between 10% and 20% as the selling frenzy continued across all currencies with around $58 billion wiped off the market cap of all cryptocurrencies.

Smaller market cap currencies also saw considerable declines with Ethereum Classic (ETC) down by 7% to the $7.80 level. VET, QTUM, ONT and ATOM also saw considerable declines although these were mostly in the high single digits, whilst ZEC was the only positive mover overall where it was up by around 3% to the $112.50 level.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark 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.