Cryptocurrency Trading News: Market Suffered Throughout the Weekend

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ForexMinute.com – Last 24 hours in the cryptocurrency market has been strictly average, as only Bitcoin and Peercoin managed to gain some pace, whilst every other top coin, including Litecoin, Nxt, Darkcoin, etc. slipped notably.

Market however was expecting huge falls in Bitcoin prices, owing to the ruling of the European regulators that asks banks to avoid buying, holding and selling virtual currencies. The cryptocurrency communities, on the other hand, was made believe that European regulators are following the footsteps of the Chinese Central Bank that once ordered their nation’s commercial banks to clamp their businesses with virtual currency businesses. However, it was later made clear that EU regulators simply want to execute rules that will prevent fraudulency related to cryptocurrency markets.

Here is the full report:

BTC/USD
The BTC/USD opened yesterday at around $629 and remained steady throughout the following hours. Although right before closing, the pair stumbled a bit and eventually found support at $630. It closed at $631 at the end of the day.

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At press time, the BTC/USD has surged 0.5% in last 24 hours and is trading at $634.

LTC/USD
The stability of Bitcoin had somehow impacted Litecoin to rebound during Friday’s trading hours. The LTC/USD stayed on its track as well on yesterday, while opening at the reasonable $7.268. The pair although slipped slightly in the following hours, but recovered simultaneously as well. It eventually closed around 7.305 at the end of the day.

Upon entering today’s trading hours, the LTC/USD remained stable in the initial hours, but fell notably in mid-hours. The reason for this sudden plummeting might be the increasing number of Litecoin getting submitted for sale. The gradual downtrend is also an issue due to which most of the member of the Litecoin community are either leaving or switching from it.

At press time, the LTC/USD is being traded at around $7.06 and has fallen around 2% in last 24 hours.

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

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