Cryptocurrency Trading News: Bitcoin Down; Litecoin as Well

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ForexMinute.com – Cryptocurrency Market in the last 24 hours had its ills in Bitcoin which once again reversed its direction to the downside. Following the fall, other influential coins like Litecoin, Dogecoin and NXT also declined in the process. However some positivity came via Darkcoin, Ripple and BitSharesX, which rose impressively within the same period.

While there is no specific reason why the Bitcoin price fell to the ground all of a sudden, but indeed the market suggested to be looking for another reversal from bottom. It can be a sell-off originated from the pessimistic news of one malfunctioned trading bot of Bitcoin exchange BTC-E. Incidentally, this one single bot was found to have initiated an endless loop soon after the Bitcoin price dropped during 8/30 trading hours, causing an increase in trading volume.

Meanwhile, the altcoins that are tied with Bitcoin automatically dropped under the influence. Here is the full report:

BTC/USD
The BTC/USD, while trading during the 8/30 trading hours, opened at around 503. The pair however fell by a notable margin in the following hours, suggesting sell-off by impatient traders. We earlier noted the similar behavior during the last month’s drop as well, in which long term stability inspired a huge selling point. After rebounding from the previous bottom around 430, the BTC charts showed an impressive improvement and once again achieved the similar stable levels in the market. This time we are expecting the price to go as low as $440 before a reversal takes place. The BTC/USD pair meanwhile closed yesterday at around 477.

At press time, the pair has dropped 1.10% and is now being traded at 483.55

LTC/BTC
Bitcoin charts once again leaded Litecoin during the 8/30 trading hours. The LTC/BTC opened yesterday at a comfortable position, valuing at 0.0103460. It traded stably for a while, but fell right after the notable drop seen in Bitcoin charts. The pair found the best support at 0.0100730, after which its value improved a little, but remained unable to retain the lost margins. It closed at around 0010165270.

At press time, the LTC/BTC dropped around 0.3% in last 24 hours and is being traded at 0.01018100.

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

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