Cryptocurrency Trading News: Bitcoin Plunges Drastically, Other Coins Mimic

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ForexMinute.com – Financial disasters are an integral part of Bitcoin’s life, so as recovering from them. In the last 24 hours, Bitcoin prices once again come face to face with a massive decline due to some government’s intervention – this time of the United States.

In times when the market was already suffering from the malicious pumps and dumps, US Government announced yesterday to auction over $18 million worth Bitcoins (around 30,000 BTC) they recovered from Silk Road. This simply means that more Bitcoin will soon be converted into fiat money, eventually lessening its trade volume, market cap and value. The negative sentiment aroused from this announcement finally pushed Bitcoin prices to its two-week’s low. Other top coins, including Litecoin, Dogecoin, Peercoin, and others, also faced the similar catastrophe and fell submissively to the Bitcoin falling charts.

Here is the full report:

BTC/USD
The BTC/USD pair opened yesterday at $642 and keep on trading at the same value in following hours. The real situation arose when US released the aforementioned statement that eventually originated a huge decline in BTC/USD chart (its value slipped $10 within minutes). The pair eventually closed at around $632.

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In today’s trading hours, the Bitcoin market is absent of an anchor and is trading at around $608.

LTC/USD
With most of the trade going on between BTC and LTC, it was obvious of the latter’s chart to suffer as well. The LTC/USD fell around 4.5% in last 24 hours and is currently valued at $10.39. Before that, it opened yesterday at around $11 and closed at 10.991 after facing a constant downtrend. The pair is still trending downwards and is showing no signs of recovery. Its performance seems completely dependent on the market sentiment revolving around the Bitcoin market.

NXT/USD and DRK/USD
In times when most of the top coins have fallen at least over 2% in last 24 hours, Nxt and Darkcoin are left out to be the only ones whose falls are comparatively minimal. It is clear that investors are looking at these coins as a sincere backup of Bitcoin and other similar altcoins. What might have gone exactly in last 24 hours is trader changing their BTC and LTC with either Nxt or Darkcoin.

Yesterday, when Bitcoin fell drastically as mentioned above, Nxt was trading in its comfort zone. It opened at around $0.08226, and slipped very slightly in the following hours, eventually closing at around 0.0800. Even in today’s trading hours, we see a minimal downtrend probably because people might be buying Bitcoin once again. At the time of writing, the NXT/USD is valued at $0.07288.

On the other hand, Darkcoin has in fact risen very slightly in last 24 hours – almost 1%. This is again due to the investors’ inclination towards it. At this time of writing, the DRK/USD is valued at $10.58.

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

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