Cryptocurrency Trading News: Bitcoin Market Dives in Last 24 Hours; Altcoins Follow Suit

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Cryptocurrency Trading News

ForexMinute.com – At first it was the Chinese which turned every stone to resist Bitcoin from its territory. And now, the United States, although not taking direct steps as China, is creating a negative sentiment around the digital currency for its alleged role in financing terrorism.

In terms of the market, the event of US Defense Ministry announcing to investigate Bitcoin (and other cryptocurrencies) has surely came like a blow, following which the market is heading towards a downtrend. Also affected are Litecoin, Dogecoin, Peercoin and almost every altcoin in the top ten market caps.

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The aforementioned event is further getting support from another news that has just come this morning, saying that BTC China has suspended its CNY deposits, after much pressure faced by the Chinese Central Bank; this, promising another tough day in cryptocurrency market, where Bitcoin prices may decline to as low as $380.

The current details however are the following:

BTC/USD
There was a time yesterday during which the BTC/USD price reached to the peak value of around $440, rising from the previous day’s close of around $432. The significant improvement although was halted when online news channels started to report of an upcoming investigation by US authorities that would find whether Bitcoin is linked to terrorism or not?

It was before the time when Australia-based Cerosa’s Future Capital Bitcoin Fund invested a whopping sum of $30m in Bitcoin related businesses – the impact of which couldn’t help Bitcoin for too long. The BTC/USD pair saw a disappointing downside trend in last 24 hours after reaching its peak value. The pair was closed at about $431 – a price around which it is still trading.

Litecoin, Dogecoin Also Fell, but Minimally
Litecoin might not have exactly replicated Bitcoin chart this time, as the miners and investors are still holding their Litecoin while waiting for the launch of ASICs. In last 24 hours, the chart trend of LTC/USD is surely downside but yet it had little jerks as compared of the massive ones of Bitcoin. The pair yesterday opened at around $10.289 and closed at around $10.216 – non-volatile indeed. Though, after the news of BTC China suspending CNY deposits, the LTC/USD pair has fallen to around $10.147 and a good performance throughout the day is still doubtful.

Peercoin although is nearly replicating Bitcoin charts and has shown a massive downtrend at the end of yesterday’s trading hours, which is even continuing today. After reaching to the peak value of $2.120, the PEER/USD fell abruptly to $2.053, after which it rose slightly to find support around $2.083. During today’s trading hours, the pair is once again slipping and is currently trading at around $2.04.

Dogecoin has similarly fallen 2.75% in last 24 hours and is currently trading at around $0.00522. The DOGE/USD pair closed yesterday at around $2.045.

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

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