Cryptocurrency Trading News: Altcoins Slide after Mintpal Security Breach; Bitcoin Drops as Well

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ForexMinute.com – Market was already been in bad shape for most of the digital currencies, including the likes of Darkcoin, BlackCoin, Litecoin and others. The scenario was further supported by the news of renowned cryptocurrency exchange Mintpal whose security was breached lately. Although, no top coins were stolen from the platform. The only one coin that suffered this blow was Vericoin, who would soon be going through a hardfork to repel current situation.

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Meanwhile, Bitcoin value continued to decline as well, with or without any compulsion of the aforementioned security breach. Incidentally, the decline is very subtle which means the Bitcoin charts can uptrend anytime soon. Much support is also given to the coin’s economy in the name of funding and investments by leading businesses around the globe. It may ultimately result into another steep rise in upcoming days.

Here is the full report:

BTC/USD
The pair opened yesterday at around $634 and soon slipped in the following hours, around the time when Mintpal news came into view. It later found support at $626 and picked momentum right before noon, eventually to meet resistance at $631. We have seen the similar patterns in Bitcoin charts earlier as well, where the key actors are constantly adding support to the BTC/USD whenever it hints a fall.

The BTC/USD chart saw it twice yesterday. After the first fall and rise, the pair dropped few dollars also during the afternoon trading hours, finding second support around $625. But soon picked up pace and closed eventually at $626.

At press time, the BTC/USD has fallen over 1% in last 24 hours, and is trading around $621.

LTC/BTC
After surprising the entire cryptocurrency clan with a magnificent jump, the LTC/BTC surprised once again with an equally terrible decline in the last 24 hours. The pair opened at 0.01360290 BTC and continued its rising spree in later hours. It remained overall stable for the rest of the day and eventually closed at 0.01407920 BTC.

But upon entering today’s trading hours, the LTC/BTC saw a sudden declination, indicating a dump. It might have led some investors into a panic-sale mode, because of which the pair is still falling. Another reason that might have inspired this slump could be of the just mentioned successful attack on Mintpal.

At press time, the LTC/BTC has fallen around 5% in last 24 hours. Litecoin’s current value is around $8.57.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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