Cryptocurrency Trading News: Bitcoin Weakened; Darkcoin, Peercoin Booming

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ForexMinute.com – Soon after the CTS’s announcement of cutting its ties with Isle of Man’s Bitcoin businesses, the coin’s market has faced a sudden hit. In the last 24 hours, Bitcoin has turned out to be one of the biggest failures, if compared to its counterparts. The charts are visibly bearish and are showing no signs of improvement for now.

On the other hand, we have Darkcoin and Peercoin which are continuing to decorate cryptocurrency markets with their attractive rises in the last 24 hours. While the optimism in the Darkcoin market is credited to their decision to open source Darksend, Peercoin is waiting to launch their much much-awaited (and delayed) Peershares project NuBits. Meanwhile, Darkcoin is also launching RC5 just a day short of NuBits launch.

Meanwhile, the hype surrounding the AuxPoW switch is finally fading off for Dogecoin. The meme-based cryptocurrency, which jumped massively around the switching with Litecoin blockchain, continues to lose steam in its consecutive 24 hours. It might be because of the ongoing discussions on various social media platforms, conceptualizing whether Litecoin is overshadowing Dogecoin after the merge or not. Incidentally, Litecoin’s own hash rate has crossed 1 TH/s right after the merge.

Here is the full report:

BTC/USD
The BTC/USD charts were already on the downside and the news from the Isle of Man further acted as a catalyst for the top digital currency. In the last 24 hours alone, the BTC/USD has fallen more than 2%, definitely the lowest this month. The signals were already bearish during the 9/16 trading sessions when the pair closed after facing a notable fall. (Opened at 474 and closed at 465).

But like every time, the trend is likely to reverse, probably when investors will try to buy the coin at a low. We are hoping it might happen when the BTC/USD reaches the bottom of 450. Thereupon, a slight swift is expected. None the least, the arrival of Apple’s very own digital payment system might pose as a competition to Bitcoin in the future. Further reviews will clear this doubt.

At press time, the BTC/USD is valued at 463.11.

LTC/BTC
Unlike Bitcoin, the Litecoin charts have reversed from the downtrend they have been facing from days. Litecoin’s hash rate reaching a new milestone might have added a few fragments of optimism on the market. As a result, the LTC/BTC is improving magnificently from the last 24 hours and has surged more than 2.5% within the same span.

The pair started to trade at 0.01088110 during 9/16 trading hours. It thereupon remained in a tight trading range (between 0.01087650 and 0.01078660), especially ahead of the noon trading hours. The pair later hinted a bullish behavior, and moved upwards right before the closing session. There indeed have been some investment to support Litecoin from falling; the growing volume from China suggests.

At press time, the LTC/BTC is priced at 0.01107420.

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

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