Business 16 May 2018

Gerald Fenech

Cryptocurrency market loses gains; BTC down to $8,300 again

The seesaw experience in the cryptocurrency market continued to hold sway on Wednesday morning as all major cryptocurrencies experienced heavy losses yet again after recording some notable gains in the early part of the week. It seems that the Consensus conference is nothing but another damp squib and no news is really affecting the market other than in a negative way. BTC continued to drop like a stone and was trading at around $8,300 at press time—close to 5% drop from the $8,700 it was trading at on Tuesday.

Bitcoin Cash also suffered a considerable drop, although this could be due to news of the network upgrade which came into place on Tuesday. Sentiment is still bullish with the price around $1,280 and a rebound could be seen very soon as markets recover amid positive sentiment. Ripple also suffered some losses, falling below the $0.70 mark yet again and trading at $0.67 at press time. There was considerable positive news on Tuesday regarding new versions of the Ripple software and other developments, which did not made much of an impact on the price of the cryptocurrency.

Ethereum experienced a slight pullback from its trading price of $730 on Tuesday and fell by around 5% to around $685 at press time. With Vitalik Buterin boycotting the Consensus conference, nothing coming out of there is really affecting the Ethereum price so the dip has to be attributed to overall negative market sentiment. Litecoin also had a steep drop, falling to the mid $130s mark although there appears to be strong support at that level.

Of the currencies with smaller market cap, the vast majority experienced steady losses. NEO dropped to just above the $60 mark after having risen to as much as $90 a couple of weeks ago. Stellar Lumens also fell slightly to around the $0.33 level, although it was still up over the weekend having recorded solid gains in that period. Ethereum Classic was down considerably by about 7% meaning that it was flirting with $17 level yet again and further drops were expected. Dash again ceded the $400 mark to drop just below that level and trade at around $385 at press time. Finally EOS dropped considerably to trade at just above the $12 level—this currency has practically returned to where it was before the boom of last month.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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