Cryptocurrency Trading News: Bitcoin, Litecoin Stumble; Peercoin, Darkcoin Picks Momentum

2
70

Cryptocurrency vector icons

ForexMinute.com – Last 24 in cryptocurrency markets have been quite poor as most of the top coins fell massively from their comfortable trading ranges; those with the maximum fallout are Litecoin, Dogecoin, and BitSharesX. On the other hand, Peercoin and Darkcoin surged massively within the same span.

Speaking of Bitcoin, its market yesterday faced bad news in the name of the Bangladesh Central Bank warning, and the collapse of the launch of 1,000 Bitcoin ATMs. However from the fundamental perspective, these events hardly impacted the current trend line of Bitcoin price movements. Indeed, the volume of Bitcoin transactions from Bangladesh is significantly lower than other nations. Also, the growing financial epidemic in China’s manufacturing sector is opening doors for more Bitcoin adaption (as investment) which might be the reason why investors are keeping its price in between a stiff trading range.

Peercoin, on the other hand, is on a rising spree thanks to the confidence generated from the announcement of the release of its Peershare implementation network NuBits on September 23rd this year. However, it would be tough to say whether the impact of this announcement will prevail for long on Peercoin prices, as the markets are mostly pumped around such events to create definite hypes.

Same can be said for Darkcoin, which too rose extensively in the last 24 hours (over 10%). Despite the fact that their masternode formula hasn’t been 100% successful, its development team is keeping a constant touch with the community regarding their active testing phases. The coin’s team also fixed multiple issues with their anonymity project Darksend+ in response to a negative review posted by Bitcoin expert Kristov Atlas.

Here is the report:

BTC/USD
The BTC/USD entered 9/15 trading hours while being valued at 477. At the start, the pair remained within a tight trading frame, between 477 and 478. However, it failed to sustain the balance and fell abruptly right ahead of noon, breaking below the range. The BTC/USD found its first support level at 474, after which the price pulled back once again, facing the resistance level at 477. Just ahead of the closing of 9/15 trading session, the pair once again dropped and closed at 474.

The bearish outlook is still in play, as the BTC/USD is moving towards downside support once again in 9/16 trading hours. At press time, the pair has dropped over 0.54% in the last 24 hours and is priced at 472.50.

LTC/BTC
The LTC/BTC trading charts during the 9/15 session looks almost identical to the Bitcoin one. Likewise BTC/USD, the pair is indicating a short term bearish signal. It opened at around 0.01129370 and remained between stiff trading ranges for most of its early trading hours. However, the Litecoin price fell abruptly under the influence of Bitcoin, breaking the consolidating range and finding the support at 0.01081900. It tried to pick the momentum in later hours by its own, but was turned down amidst low demand and volume.

At press time, the LTC/BTC has fallen 2.01% in last 24 hours and is being traded at 0.01078010.

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

Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter

  • reviewer

    heh trading news is back, had nice holiday?

    • lolz.. it was bloodsucking.. was stuck between Indian floods.. Though was able to kill a bee with chop stick..