Cryptocurrency Trading News: Market Descending Back after Days of Rising

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ForexMinute.com – After days of a quick upsurge, the market today is yet again trending downwards, with eight out of the top ten cryptocurrencies descending in the last 24 hours. But this time, there is no fundamental reason for such a decline. In fact, it is technical as Bitcoin’s trading volume have gone lower in recent hours, simply meaning that bigger players, or the set of smaller investors, are drawing money out of the market. Smells like a conspiracy theory!

And it might indeed be so. We yesterday ran an article regarding how Bitcoin prices might have been manipulated during its November 2013 massive surge. Originally observed by a random blog ‘The Willy Project’, the analysis were hugely discussed at every Bitcoin related news website, including ours. The reason why we are bringing this event into light once again is the possibility of its impact over the current health of the cryptocurrency market which, until today, was rising comfortably.

As a result, we have biggies like Bitcoin, Litecoin, Dogecoin, Darkcoin, Peercoin and others who have fallen sharply in last 24 hours, with only exception of Ripple and BlackCoin that rose comfortably in last 24 hours.

Here is the full report:

BTC/USD
The BTC/USD yesterday opened at around $580 and closed at almost the same value. It simply means that The Willy Report hadn’t had any possible impact on the Bitcoin prices during yesterday trading hours. Even today in early trading hours, the BTC/USD was priced at around $588, but later fell around 3.5%. The possible scenario, as we have discussed, is the traders withdrawing themselves out of the market in effect of The Willy Report.

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Although there was good news from the market, such as the launch of Facebook Bitcoin Wallet, can still inject positive sentiments in Bitcoin trades. But a quick upsurge is unlikely in the next 24 hours. In the best case, the BTC/USD can remain stable though. Its current value at this hour is $563.

Litecoin, Dogecoin Falls; Darkcoin Dented
Tailing Bitcoin like always, Litecoin too faced a similar bump. The LTC/USD, likewise Bitcoin, had a smooth day, with it opening and closing at around $11.515 and $11.518. But the pair fell $3.20 a few hours before, landing to $11.12. Dogecoin, on the other hand, was already being questioned for its not-so-possible long time run without a possible merge. The negative frenzy in the market further affected the coin, following which the DOGE/USD saw a 4% drop in its value. The pair, at the time of writing, is priced around 0.00400.

Even Darkcoin couldn’t avoid the tornado. But this coin unlikely had its particular reasons for a massive 23% fall. According to the reliable reports, the DRK/USD fell due to a possible blockchain forking done yesterday by some unreliable masternodes (read here). Following the debacle, the pair landed on $10.23 after staying on the peak of $15 in recent days. Its value though is expected to recover once the issue is resolved.

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

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