Business

Gerald Fenech

Crypto market daily report – September 7, 2018

The cryptocurrency markets registered a slight revival on Friday with most of the major currencies showing a small increase overall. BTC remained mired at the $6,500 level, a full 12% off its weekly high of $7,400. There has been a lot of mystery surrounding Wednesday’s huge fall across the board, but it seems that “fake” news regarding a Goldman Sachs trading desk and market manipulation could be behind the sudden crash in the crypto markets with BTC leading the way.

Bitcoin Cash registered a 5% increase to trade at around $520 at press time, but turnover appeared to be weak with selling pressure probably putting the price down further. Ripple showed a good 5% increase to regain the $0.30 barrier, whilst Ethereum continued its weak recovery, trading at the $227 level which is considerably below its weekly high of $300 and a level not seen since October 2017.

EOS was up by around 5% to retain the $5.20 level and perhaps begin a push towards the $6 mark, whilst Litecoin was trading at the $57 mark with a push towards the $60 level seen as imminent. Currencies with smaller market caps began strong recoveries and were almost at levels last seen earlier this week. NEO was up by over 10% to the $20.50 mark, whilst Stellar achieved a more modest 5% gain to trade at the $0.21 level at press time. IOTA also registered an impressive 12% gain to reach the $0.59 mark at press time on Friday, whilst Cardano registered a much more modest 4% increase to the $0.086 level, which is almost 100% below its highest level of $0.50 achieved earlier in the year.

Other currencies had somewhat different fortunes although all were up from Thursday, with ONT registering a 10% increase to the $2.00 mark. VET was up by 7% to the $0.016 mark, whilst ICX registered a similar 6% increase to the $0.74 level. Ethereum Classic was up by around 5% to just below the $12 level.

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