
Bad news, FUD pull cryptocurrency market down
A combination of bad news, FUD and a general negative sentiment pulled the cryptocurrency market down yet again on Tuesday, with BTC dropping further to flirt with the $9,000 mark.
A combination of bad news, FUD and a general negative sentiment pulled the cryptocurrency market down yet again on Tuesday, with BTC dropping further to flirt with the $9,000 mark.
All major currencies were down, with BTC experiencing another drop to below the $9,000 mark after having briefly flirted with $9,500 over the weekend.
Thursday could have been the defining point in the end of the three-month bear market for cryptocurrencies as a huge revival pushed the price of SegWit-Coin BTC up of around 18% in just 30 minutes.
After a relatively positive Monday morning where all major cryptocurrencies were on the rise including SegWit-Coin BTC, the rest of the day was negative with steep losses covering a wide swath of cryptocurrencies.
Coin selection looks set for a major overhaul, as part of ongoing attempts to reduce transaction fees. However, concerns were raised over the new model’s impact on BTC fungibility, with Bitcoin Cash already offering more effective mechanics than the new algorithm could deliver.
Bitcoin Cash posted a strong recovery rising by as much as 8% for a price of around $690 and it appeared to be well on its way to exceed the $700 mark if the rally persists.
All cryptocurrencies suffered considerable losses over the past few days, with several of the top 10 coins by market cap declining 20% or more.
The cryptocurrency market experienced a slow decline over the weekend with every currency again in the red and some also dropping to lows not seen since early February.
After a relatively fine three days of recovery in the cryptocurrency markets when most coins went up by around 20% from their 2018 lows, the markets were once again back in deep red.
Bitcoin Cash, which is now rapidly gaining traction, is expected to reach the psychologically significant $1,000 level on Tuesday if the bull run continues.
It was yet another turbulent and largely negative weekend for the vast majority of cryptocurrencies as further selling pressures affected prices all over the board.
Some cryptocurrencies are now at their annual lows—similar to the crash experienced in February—with no end in sight to the downturn as bad news continue to affect investor sentiment.