Business 7 June 2018

Gerald Fenech

Crypto market daily report – June 7, 2018

The cryptocurrency markets are in a state of flux, although there have been some positive movements of late with BTC moving up to the $7,700 level after having dropped to the $7,400 level on Wednesday afternoon. The largest cryptocurrency by market cap appears to have settled in the mid to high $7,000 levels of late, but there is some talk of a push towards the $8,000 level in the near future.

Bitcoin Cash maintained its level of around $1,150 at press time on Thursday with very little movement either way, although that there might be a considerable push forward in the coming days as the currency has consolidated well at this level. Ethereum also maintained the $610 level after having briefly dropped below $600 in a small retracement on Wednesday afternoon.

Ripple has consolidated around the $0.67 level with a possibility of moving towards the $0.70 mark very soon. Ripple’s CEO Brad Garlinghouse was again in the news of late talking about the fact that traditional Bitcoin is useless as a store of value if it is not being used for transactions. In the meantime, Ripple continued making major moves in the banking scene with the signing of more agreements.

EOS continued to be rather volatile post main net and was trading at around $13.70 at press time, with a spike above the $14 level at one point. News of possible hacks to the crypto currency’s code may have affected the price negatively, although it is still up considerably from where it was before main net took effect. Litecoin regained some positive momentum after it dropped to $117 on Wednesday but was up by around 3% to the $121 mark on Thursday morning.

Currencies with smaller market caps also saw small gains in the past 24 hours. Stellar was up to the $0.30 level again, whilst NEO recovered slightly after dropping to the $52 level and then reaching the $54 mark in early morning trading. Dash was basically static at the $315 mark, whilst Ethereum Classic did not see much movement either and traded at the $15 level for most of the past 24 hours. Cardano and IOTA registered small losses but were quite stable at $0.21 and $1.71 respectively

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.

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.

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