Cryptocurrency Trading News: Market Drops Ahead of Bitcoin Auction

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ForexMinute.com – Days ahead of the much awaited auction of over 30,000 Silk Road Bitcoins, the market has seen a huge drop. And it is not only Bitcoin which has fallen in wake of the expected sell-off, but other top coins, including Litecoin, Dogecoin, Darkcoin and others have also replicated the same fear in their price charts.

Meanwhile, the news of GHash.IO holding the 50% of Bitcoin network has also played an important role in the fall recently. The Bitcoin auction has simply boosted this negativity further. It may be possible that the key actors in Bitcoin network are simply trying to manipulate the market. The prices at which the coins will be auctioned are still unclear. Moreover, rumors suggest that US Marshals will simply use the current price as a bidding price to sell-off the coins. So again, it may be possible that investors are simply dumping Bitcoin for reducing its market value.

Here is the full number report:

BTC/USD
The auction fear remained visible in Bitcoin charts in the last 24 hours. The BTC/USD closed at around $582, after opening at $596 on the same day. The market didn’t see even one substantial support during yesterday’s trading hours, creating a state of havoc among other investors as well. Such a drop could have easily led them to fear a possible 51% attack. In the end, the extreme pessimism became the main reason for this $10 drop.

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Upon entering today’s trading hours, the BTC/USD has tried to recover at one point, but is once again trending downwards to a new low. At press time, the pair is valued at around $567 and has fallen 4.75%. Although, it is expected to increase once the auction is done, which is on Friday this week.

LTC/USD
The LTC/USD replicated Bitcoin price charts and fell massively in the last 24 hours as well. The pair opened yesterday at around $9.736, and started trending downwards without a break. It eventually closed at around $9.625. At press time, it is valued at $9.32 and has dropped over 4% in the last 24 hours.

DRK/USD
In the midst of the downfalls, one could expect a better performance from Darkcoin. The coin had earlier proved to be profitable when Bitcoin and Litecoin faced heavy drops. But this time, it seems like Darkcoin was itself occupied with its own problems. First, it was the failed hard fork attempts that led to certain pessimism inside the market. The market however managed to recover simultaneously after the day-to-day falls. But in last 24 hours, it seems like the Darkcoin recovery mode is not working anymore.

Since yesterday, the DRK/USD has fallen massively. Opened at around $9.852, the coin was clearly under the influence of Bitcoin drop, and hence kept sliding downwards for the rest of the day, eventually closing at $9.424.

At press time, the DRK/USD is priced at $9.19 and has fallen 6.67% in last 24 hours.

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

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