ForexMinute.com – The fall that surfaced during Monday’s trading hours in Bitcoin charts continued even in the last 24 hours, with a clear indication of a panic-sell. This further caused massive falls in most of the cryptocurrency charts, including Litecoin, Namecoin, Peercoin, Darkcoin and others.
Earlier we speculated that the reason behind Bitcoin’s sudden fall, after staying in a narrow trading range for weeks, was due to a dump of over 1,000 BTC by Ethereum. However, more speculation surfaced in the last 24 hours, which reveals that the fall might have originated by a report published in the Telegraph on Monday which spoke of evidence that proves that digital currencies (including Bitcoin) were lately under two massive undetected cyber-attacks. Though no official thread has been connected between two events until now, but we believe an emerging economy such as Bitcoin is not prone to such negative reports, explaining the massive fall.
Meanwhile, Litecoin followers tried keeping the optimism alive within the community by rubbishing certain FUDs that predicted the coin’s end. This however never helped the Litecoin charts and it kept falling in its consecutive-third day. And it is expected to remain the same until Bitcoin rebounds upon reaching the bottom.
Cryptocurrency including Darkcoin, Peercoin and Namecoin also stayed under the negativity of Bitcoin as all of them fell massively in the last 24 hours. Though, only Dogecoin and NXT managed to improve upon their performance in the same span.
Here is the full report:
The BTC/USD opened while trading at $576 and remained as bearish as it was a day before. The pair trended downwards in the next hour by huge extents, finding consecutive supports at $580, $574, $572 and $568. There is a chance of it to go further down if the support level reaches below $540. The visible selling pressure might be reduced once the price touched below the aforementioned support level, and the buyers might thing to buy BTC once again at a low. No breakdown expected.
At press time, the BTC/USD has fallen 2.5% in the last 24 hours and is being traded at $554.
Coupled with Bitcoin price charts, LTC/BTC stayed on the downside even in the last 24 hours. The pair opened yesterday while being trading at 0.01050690 BTC and slipped in the next few hours, finding the lowest support at 0.00964744 BTC. It however showed signs of a rebound for some time and traded stably for the rest of the day, closing at 0.00998570 BTC, but fell once again massively in today’s trading hours.
At press time, the LTC/BTC has dropped more than 5% in the last 24 hours and is being traded at 0.00956347 BTC.
To contact the reporter of the story: Yashu Gola at email@example.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter