ForexMinute.com – When Bitcoin falls for no specific reason, the only solace we find eventually are in conspiracy theories. And not just Bitcoin, the last 24 hours has seen almost all the major coins falling like raindrops, leaving a few exceptions with Nxt and Blackcoin – the only coins that managed to rise in these crucial hours.
For the sake of giving explanation, we can blame the Bitcoin’s $50 drop to the government interference. At one end, there is Netherlands’s Dutch Central Bank that issued a warning to banks and payment institutions against Bitcoin and other virtual currencies, and at the other was the Missouri Secretary Jason Kander who shut down Virtual Mining Corporation, the local Bitcoin mining hardware company, for not following the investment protocol issued by the US government.
But there were good, in fact great news as well that supported the Bitcoin morally, if not numerically. The major one was the renowned rapper 50 Cent announcing to accept Bitcoin for his next album ‘Animal Ambition’, followed with the success of Dutch Bitcoin event and UK’s financial regulators encouraging local Bitcoin businesses.
But like we said, Bitcoin “literally” remained unaffected by the aforementioned events; so does the other cryptocurrencies like Litecoin, Dogecoin, and the recently surging Darkcoin. Here is the full report:
The BTC/USD opened yesterday at around $654 and rose magnificently in the following hours, probably when 50 Cent was being welcomed inside the cryptocurrency territory. And with no doubt, the pair closed at an impressive $663.
The real trouble although started today, when the BTC/USD fell like a stack of cards with no specific reason. This whole episode has led to few speculations that some big whales are playing the Bitcoin market, probably pumping and dumping the coins aggressively.
At the time of this writing, the BTC/USD has fallen 2.5% in last 24 hours and is priced at around $639.
The LTC/USD chart is once again replicating Bitcoin charts has fallen with a similar pattern explained above. Currently, the pair is valued at $11.03 and has dropped 3.5% in last 24 hours.
NXT/USD and BLK/USD
These are the only pairs among the top cryptocurrencies that have surged well in past 24 hours. While Nxt rise is satisfactory (4.29%), it is the BLK/USD which has jumped excessively – 144% – in last previous hours thanks to the announcement of nine crowd-sales in upcoming months (read here for more).
At this time of writing, the NXT/USD is priced at around $0.067143 and the BLK/USD at $0.165334.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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