ForexMinute.com – A sad, biological poetry is crossing my mind when I am seeing the current status of our favorite digital currencies, “They are falling in series, maybe it’s a communicable disease.” No applause please!
But with no pun intended, every alltcoin has fallen miserably in last 24 hours, especially the ones in the top ten. We can blame it on the recent rulings by PBOC to shut down Chinese exchanges’ bank accounts by April 15th 2014. Although, there are another set of reasons that might have influenced the market to reach to its current state.
Look further to know how and why:
Bitcoin Eats the Dust by Falling over 13%
Bitcoin prices once managed to stay stable between April 1st and April 2nd, but are falling miserably upon entering today’s trading hours. At 0000 UTC today, the BTC/USD pair was comfortably trading at 478.46. It then showed a one-step uptrend in the following hours, with its peak reaching around 491.84. It stayed there for a while, but fell miserably to around 450 around 0400 UTC. The BTC/USD since then is showing a downtrend, and currently trading at 426.90 at this time of writing.
We believe the rumor of a security breach at Coinbase has much to do with the sudden drop in Bitcoin prices. However, the Bitcoin wallet provider has denied any such intrusions. We believe the prices will fall back to normal around midnight today.
Litecoin Didn’t Come to Rescue Either, Falls 22% in Last 24 hours
Litecoin community is going through its own family drama circulating around the Hard Forking. While the Litecoin developers today has made it clear than they won’t be making any changes to the Litecoin’s algorithm, the miners were said to have been against it as they were clearly relying on GPU-based mining.
The result of this internal conflict can be perfectly reflected in the sudden fall in Litecoin prices. Likewise Bitcoin, Litecoin was trading stably against the dollar at today’s early hours, with its peak value around $13 around midnight. As the hours approached, the LTC/USD showed a massive decline and is now trading at 10.589.
Dogecoin, Auroracoin; the Biggest Decline
There is nothing ‘WOW’ about Dogecoin in last 24 hours. The alleged next-Bitcoin has fallen around 28%. Likewise Litecoin and Bitcoin, DOGE/USD was trading smoothly at the early trading hours around midnight, with its peak value reaching 0.00054428. At the time of writing, the DOGE/USD pair is trading at 0.0004052.
Auroracoin took a further dip into the pool of losses, as its airdrop approaches. The AUR/USD trading pair has fallen around 32% in last 24 hours, currently trading at 2.25. Investors should strictly stay away from this particular currency as negative sentiment around it seems to grow further. Suggestion: Dear Icelanders, Stop Shorting It.
We’ll see you all tomorrow. Thanks for watching this space.
PS: Its good time to buy these coins, though avoid Auroracoin.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org