Cryptocurrency Trading News: Bitcoin at Its Disastrous Best; Other Coins Follow

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Cryptocurrency Trading News

ForexMinute.com – Digital currency investors has no reason to have a joyful weekend as every top cryptocurrency has fallen massively in the last 24 hours thanks to the Chinese banks suspending the bank transfers of local Bitcoin exchanges – with OKCoin being the latest hunt. Even the star of the previous day, the national cryptocurrency Isracoin has also faced the wrath of PBOC in some way, with its value dropping by 11% in the last 24 hours.

BTC/USD
The best damage however is reserved for Bitcoin, whose value has plummeted below the $400 mark – its 5 month low since November. After enjoying stability on the first few days of the week, the BTC/USD started loving gravity around the early trading hours on Wednesday – falling to around $445 from the comfortable position of over $450.

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Since the release of Chinese exchanges news of halting bank transfers, the BTC/USD graph was seeing a downtrend during Thursday’s trading hours, taking it value to as low as $353. It somehow recovered at a slag pace in the following hours, reaching over $400 but yet again saw a fall owing to OKCoin’s statement of suspending its CMB bank deposits. The BTC/USD pair is currently trading at $394.35 and has fallen 4.5% in the last 24 hours.

Litecoin, Peercoin and Dogecoin – The Mirrored Version of Bitcoin
Though Bitcoin has faced the maximum blow, the other altcoins are not far behind in terms of winning the best loser award. Every top cryptocurrency has tumbled following the steps of Bitcoin, with the LTC/USD pair falling over 3%, PEER/USD to massive 10% and DOGE/USD to also around 3%. Quite amusingly, the LTC/USD and DOGE/USD price and market cap charts has remained quite identical since the news of their alleged merged mining broke in.

But the twin nature is not helping either of them for now. LTC/USD, for instance, has reached to the peak value of $11.914 this week. Similarly, the DOGE/USD was also trading at the peak of $0.00048567. Before the news from China, LTC/USD and DOGE/USD was trading at $11.25 and $0.00043581, but later saw a downtrend and fell to its lowest in last 24 hours.

The LTC/USD pair is currently trading at $9.95 and the DOGE/USD at $0.000395.

Nxt, Isracoin too came into China’s Twister
Nxt and Isracoin – two new cryptocurrencies to enter the top ten market cap club – have also taken the blow to some extent. Isracoin, which last surged a whopping 400% fell around $11% in the last 24 hours, and is now trading at $0.21.

Nxt has fallen 6.27% and is trading at $0.0021.

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

  • Simon

    It’s interesting that there is all this news of China suspending trading etc but when you look at where the most amount of bitcoins are being bought it is China! Check out fiatleak.com (I have no affiliation to this site) for live stats from exchanges to see where people are buying BTC…