ForexMinute.com – Israel’s first national cryptocurrency Isracoin seems to be the only coin that has risen impressively in the last 24 hours, while the others – including Bitcoin, Litecoin, Dogecoin, etc. – has fallen flat owing to the recent news regarding the Chinese Central Bank ordering two major Bitcoin exchanges to halt deposits.
While Bitcoin has fallen by 7%, its ripple effect has also infected Litecoin (-8.32%), Dogecoin (-8.37%), Peercoin (-11.27%), and others following coins as well. This is further elaborated below:
After trading smoothly for the past few days, the BTC/USD finally showed a sign of volatility when the news of PBOC warning two Bitcoin Exchanges – BTCTrade and BTC100 – broke in. The first one to confirm the news was BTCTrade which posted the following on its website:
“We hold a very heavy heart publishing this announcement. BTCTrade just received a telephone call from our bank the Kejicheng branch of China Agricultural Bank Hangzhou that if we do not stop using our bank account to conduct Bitcoin related business by 15 April our account will be frozen.”
It somehow stirred the market sentiment, upon which the BTC/USD price fell massively from $453.43 – the day’s peak position – to around $414 within last 24 hours.
The similar drop was last encountered when a similar news (which was considered a rumor) was broken last week.
Litecoin, Dogecoin, every coin drops!
Following the news from China, the LTC/USD pair crashed 8.32% after trading smoothly during the early trading hours (at around $12). The pair now is trading at around $10 and is showing no uptrend.
The DOGE/USD pair was also stable during the early trading hours, with its peak value reaching 0.00045344. The late hours were the complete opposite of stable and saw the DOGE/USD value dropping to around $0.00040148 – a 8.37% decline in last 24 hours.
Other currencies – including Peercoin, Mastercoin, Auroracoin, Namecoin, and the recently launched Nxt – too see the similar decline in their valuesagainst the Dollar.
Isracoin Performed Exceptionally; Market Surged to 4th Place
The only performer of the day was the newly launched national cryptocurrency Isracoin, whose value rocketed 378% within the last 24 hours, reaching 0.25 from the mere 0.038. Also surprising was the coin’s market cap, which surged to 4th place overnight – beating Dogecoin and other top cryptocurrencies at once.
To contact the reporter of the story: Yashu Gola at email@example.com