ForexMinute.com – After days of massive surges, Bitcoin finally faced some resistance in the form of EU regulators, which supposedly advised commercial banks to stay away from virtual currencies until further announcements. In last 24 hours, 7 out of top 10 cryptocurrencies fell massively, including the likes of Litecoin, Peercoin, etc. Though, it would be too soon to predict whether all of them, except Bitcoin, fell under the influence of EU regulators’ announcement or not.
Like if we take Litecoin for instance, the price is continuously trending downwards for months; and recently was further pushed south due to a confirmed panic sale of 30,000 LTC. Similarly, other coins were also facing simultaneous ups and downs lately due to possible panic sell. The impact of the EU announcement however will be clearly visible in the coming days. Wait for a funny weekend crypto-users.
On the other hand, the only coins which have surged in last 24 hours are Darkcoin and Dogecoin. Amusingly, these are the same coins which have been falling constantly in previous days,= due to some negative sentiments in the market. However, both of them retraced well in last 24 hours probably because investors buying them at lower prices.
Here is the full report:
The BTC/USD opened yesterday at around $650, and fell with a slight margin in latter hours, finding supports at $644 and $641. The possibility of this little downtrend can be blamed on people trying to sell their Bitcoins at higher prices. But the pair however retraced its steps back and trended upwards after facing the second support. It finally closed at around $644 at the end of the day.
Upon entering today’s trading hours, the BTC/USD continued to uptrend and reached at the peak of $647. It then again dropped a few dollars in later hours, possibly because of the announcement made by EU regulators. At the time of writing, the BTC/USD has slipped over 2.5% in last 24 hours, and is trading at around $630.
With a possible expected drop in volume trade, the Bitcoin market can fall by slight margins as well.
Last 24 hours for Litecoin has been comparatively stable than the previous days. The pair opened yesterday at around $8.1 and fell likewise Bitcoin in later hours. After finding the support at $7.99, the pair traded calmly for the rest of the day, eventually closing at around $8.032. It continued to stay calm even in today’s trading hours. At press time, the LTC/USD has dropped 2.3% in last 24 hours and is currently valued at $7.88.
DRK/USD and DOGE/USD
Both DOGE/USD and DRK/USD recovered impressively in the last 24 hours. There is a definite possibility that Darkcoin and Dogecoin were the victims of a panic sell. While Darkcoin was suffering heavily due to its delays in implementing a hardfork on its masternode payment network, Dogecoin was said to have been the victim of growing competition inside the cryptocurrency market.
However, in the last 24 hours, the prices of these coins seemed to have reached their lowest threshold; thus making it suitable for short-term profit seekers. As a result, the DRK/USD rose around 4%, while the DOGE/USD around 5% in the same time.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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