Cryptocurrency Trading News: Bitcoin Stable amidst Conspiracy Theories; Altcoins Falling

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ForexMinute.com – Satoshi Nakamoto might be beating the walls with his fists, as a recently released conspiracy theory is literally stealing the glory he has by being the creator of Bitcoin. A random group recently presented a “conspiracy” theory that indicates Bitcoin to be the brainchild of US NSA and CIA. However, the Bitcoiners laughed about it and called it a poor attempt spread FUD in the Bitcoin, or cryptocurrency, market. And indeed the latter is right!

In the last 24 hours, Bitcoin has continued to be standing straight on a narrow rope, neither falling too low nor rising too high. Meanwhile altcoins, which showed impressive growth ahead of the weekend, have short lived on the traders’ expectations and are falling back to see another bottom. They include Litecoin, Darkcoin, Nxt, Peercoin and Dogecoin. On the other hand, Ripple charts seem under the strict influence of Bitcoin’s stability.

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The increasing popularity is another reason that might have hurting the market sentiments of altcoins. In last 24 hours alone, we have read about Dell receiving enormous deals in Bitcoins, non-profits adapting it over other payment methods, and dozen other optimistic events. The stability reflects the growing adaption of the coin.

Here is the complete report:

BTC/USD
The BTC/USD opened yesterday at around $589 and rose slightly in the next few trading hours, probably because of multiple buying signals giving the pair a bullish trend. It also seems like that the traders are in a moos to hold their investments until the BTC/USD reaches over $600. However, any point of major sell-off can bring the coin to around $580 as well. But this doesn’t seem to happen before reaching any intraday ATH.

The pair thus yesterday remained in a stiff trading range throughout the day, and closed at around $591. Upon entering today’s trading hours, it though fell a little, probably due to short-term profiteers dumping their investments. At press time, the BTC/USD has dropped 0.8% and is being priced at $588.24.

LTC/BTC
The LTC/BTC was recovering impressively after the joint-announcement of leading ASIC machine manufacturers regarding their decision to accept LTC as one of the payment methods. Even in last 24 hours, it was trading stably. It opened at 0.01177690 BTC and closed at 0.1177690 BTC. Also, the stability in BTC.USD somewhat had a positive influence over Litecoin.

Though in today’s trading hours, the LTC/BTC had a notable fall. It seems like yet another case of short-term profiteers selling coin at a feasible position. The Litecoin dumping by ASIC miners have been already impacting the markets.

At press time, the LTC/BTC has dropped 3.36% in the last 24 hours, and is being traded at $6.76.

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

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