ForexMinute.com – Cryptocurrency market is not exactly in a gloomy mode as per now, but is not upbeat either. This weekend, we actually saw some optimism inside the market as Bitcoin once again crossed the $600 mark and promised further escalation. This price rise further inspired near coins like Litecoin, Dogecoin, etc.
But as of today, we are now once again faced with a nearly depressing graph, in which Bitcoin value has once again climbed down with noticeable margin, this time due to low possible trading due to the ongoing terrorist attacks in Iraq. This unfortunate event has not only affected Bitcoin, but also the commodity and stock markets as well. With Bitcoin’s increasing exposure to both these industries, it was likely to to face a little outrage.
Although, the impact on Bitcoin prices led by the events in Iraq is still debatable.
Meanwhile, we can stay inside the community and can also assume the upcoming Silk Road Bitcoin auctions to be the reason why Bitcoin market is going south. With the list of bidder already being leaked by the US Marshall Office, we all have got to know about the big names in the market that will be bidding for 30,000 Bitcoins on June 27th. They include: SecondMarket CEO Barry Silbert, Yelp Direct of Public Policy Luther Lowe, Fred Ehrsam of Coinbase, and others.
As a huge chunk is expected to convert into fiat money, we can believe that that Bitcoin prices will clamp down followed by a volume down.
Here is the full figure report of last 24 hours meanwhile:
After staying stable throughout Saturday, the BTC/USD opened yesterday at around $596 but soon picked up momentum provided with the OverStock.COM announcement of investing 3% of its Bitcoin profits in expanding it further. After reaching to the peak of $602 at one point, the pair fell down notably at the end of yesterday’s trading hours and closed at around $598.
As of today, the BTC/USD is gradually trending downwards, probably due to aforementioned issues. At this time of writing, it is being traded at around $591 and has fallen over 2% in last 24 hours.
Due to the lack of any game changing event, the LTC/USD has also fallen after tailing the Bitcoin charts. The pair is currently trading at around $9.72 and has dipped 1.19% in last 24 hours. The reason why Litecoin has fallen a little lower than Bitcoin is the notable trades, in which much of Bitcoin is exchanged into Litecoin.
In last 24 hours, the coin which has seen the maximum surge is Peercoin. Its trading pair PPC/USD has risen 18.61% in last 24 hours, taking its value to as high as $2 in the same time. Many experts though are thinking of it a minor pump done by the key actors inside the Peercoin community, but there is also a section that believes that it is the wise words by renowned PoS developer Cuncicula that has injected confidence into the Peercoin market once again.
Last 24 hours prove that the investors haven’t given up on Darkcoin yet. After another bugged Masternode fork, the developers have issued a statement to fix the errors within 2-3 weeks. It is believed that the Darkcoin community has welcomed this period and is still holding on to their investments; reason which, the DRK/USD traded smoothly in last 24 hours as well. At this time of writing, it is being valued at $9.68. It was opened yesterday at around at $9.22.
To contact the reporter of the story: Yashu Gola at email@example.com
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