Business 23 May 2018Gerald Fenech
Cryptocurrencies continue to decline; BTC dips below $8,000
The cryptocurrency market continued to decline on Wednesday morning with all major currencies dropping heavily as the price of BTC once again dipped below the $8,000 mark. All the bad news surrounding South Korean exchanges, predictions that the crypto market will descend to zero and further reports of ICO scams appeared to have hit the market extremely negatively. BTC was trading at around $7,900 at press time, although there seemed to be strong support at the $7,800 level.
Bitcoin Cash also suffered a considerable decline and was trading at around $1,100 at press time, having lost almost 50% from its monthly high at the beginning of May. Although there has been positive news regarding increased mining and introduction of the coin as a payment gateway for many systems, this has not had a positive outlier on the price which has declined consistently over the past few days.
Ethereum also declined by about 8%, and was trading at $640-$650 at press time. Again, there has been positive news on this currency in the past days but this has not reflected in the price, which has continued to drop. Ripple continued its slow decline and is now trading at around $0.65, although there appears to be strong support at that level, too. Litecoin continued to lose ground and slipped below the $130 mark, which had appeared to be a strong support level.
Currencies with smaller market caps continued to post declines which took them to monthly lows. NEO dropped by around 8% to trade at $56—an almost 40% decline from its strong showing just a few weeks back where there was even talk that it could once again retake the $100 level. Stellar also declined considerably, falling below the $0.30 mark to trade at $0.28 at press time, which is down by around 80% from its latest high. Dash also continued falling heavily and was trading at just above the $350 mark on Wednesday morning as further selling pressure hit this innovative coin.
Ethereum Classic was in freefall, declining to under the $16 mark whilst EOS was actually down to the sub $12 level, a full 100% decline from its all time high registered just a few weeks ago. Other altcoins, such as Cardano and TRON, also saw considerable losses in the past hours as the cryptocurrency market declined to well below the $370 billion mark in total.
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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