ForexMinute.com – With the fearful selling pressure finally coming to an end, every top coin in the cryptocurrency market rose magnificently in the last 24 hours as well. Apart from Bitcoin, which was rather stable than rising, every top coin including Litecoin, NXT, Darkcoin, Dogecoin, etc. continued to uptrend in a consecutive manner.
Though, the cryptocurrency market faced a pessimistic news in the name of ATO’s new taxation guidelines in Australia, which is poised to impact over 1,000 cryptocurrency-centered businesses in the country. There is however no visible effect of this news on coins’ charts, but the possibility of its occurrence cannot be avoided in the upcoming days.
Maybe this can be the only reason why Bitcoin prices remained in a stiff trading range in the last 24 hours, unlike other cryptocurrencies which were pumped extensively in the same span of time. Here is the full report:
The BTC/USD trade opened yesterday while being priced at around $460. Amidst the buying pressure from bottom, the pair continued to pick momentum in the next few hours, creating a notable uptrend pattern throughout the day. It eventually closed at $484 at the end of the day.
Today however, the BTC/USD formed a familiar stiff trading range soon after the Australian Tax Office’s proposal to consider Bitcoin as an asset rather than money or foreign currency. The taxation guidelines introduced inside the announcement further shocked the Australian bitcoin business sector, with most of them even threatened to take their business offshore. This event dramatically kept Bitcoin prices at bay for most of the time.
At press time, the BTC/USD has surged 1.07% and is now being traded at $480.12.
The little surges in Bitcoin prices prove to be an amplification factor in Litecoins. Call it pumping by big whales, or a bunch of small fishes, the LTC/BTC has indeed rocketed to the moon in the last 24 hours. Having recovered tremendously during Monday’s trading hours, the pair kept its momentum even yesterday, right when it opened at around 0.00818658 BTC. The pair trended upwards, while tailing the Bitcoin prices, and eventually closed at around 0.00971879 BTC.
The LTC/BTC however stumbled a little bit in today’s trading hours, probably because of the “Australian” factor but still managed to report a massive recovery. It now trades at 0.0109830 BTC and has surged 18.12% in last 24 hours at press time.
The one to see the biggest drop during Bitcoin crisis was Darkcoin, and amusingly it is the same coin to see the maximum surges during Bitcoin’s recovery. Complementing further is the successful implementation of its much awaited RC4 client which helped Darkcoin to create an optimistic environment in the market.
The DRK/BTC opened yesterday at around 0.00334856 BTC and showed a massive recovery in the following hours as well. At one point, the pair was supported at 0.00428065 BTC, but its next support level came at a whopping height of 0.00613824 BTC. Though unnatural, the pair has indeed broken free from the speculation of Darkcoin’s death. What further helped Darkcoin is the new development announcements as well, posted today by the core developer EDUFFIELD (see here). The DRK/BTC closed yesterday at 0.00692876 BTC.
At press time, it has surged 72% in last 24 hours and is now being traded at 0.00747860 BTC.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter