ForexMinute.com – In an article we did this week, we hopefully presumed Bitcoin to have a brighter future in countries with a bad economical shape, citing Argentina as a “supposed” example. However the world was reported recently that the country’s two major banks – Banco Santander Rio and Banco Galicia – stopped providing banking services to cryptocurrency-related businesses. The pessimism this event spread in the entire cryptocurrency market was clearly seen in the price charts of most traded coins.
Leaving Bitcoin and Darkcoin aside, almost every top coin fell notably in last 24 hours. It is a time when almost every coin is seeing a considerable volume drop, which ultimately brings us to a speculation that altcoin traders are mostly holding on to their investments, or are selling them in exchange of either Bitcoin or fiat currencies.
Bitcoin meanwhile is enjoying the attention it is receiving from day-to-day funds and investments. Even in last 24 hours, the digital currency balanced its stand quite well when a news of Britain’s Chancellor George Osborne left the wire. Reportedly, the man decided to study Bitcoin and other cryptocurrencies to figure out their actual potential in renovating finance markets. This ultimately balances the coin’s market mood; thus the stagnancy we are encountering.
Here is the full report:
The BTC/USD opened yesterday at around $588 and stayed in a narrow trading range for the rest of the day. The pair once hit the intra-day low of $584 but was continuously supported by long term traders, those who seem to have the maximum hold of the market. The pair meanwhile showed no signs of downtrend, or a sell-off and stayed in its comfortable zone throughout the day. It closed at $586.
At press time, the BTC/USD has dropped 0.5% in last 24 hours and is trading at $583.87.
The LTC/BTC finally took a break from their long running downtrend and showed some sign of stability in last 24 hours. However, their value still saw a notable fall but it was less bothering than the previous days’ performances. The LTC/BTC opened yesterday at around 0.01259770 BTC and dropped heavily in the next hours, finding the support level at around 0.1234670 BTC. Thereupon, the pair traded a stiff narrow range for the rest of the day, with almost negligible differences in supports and resistances. It ultimately closed at 0.1233690 BTC at the end of the day.
At press time, the LTC/BTC has dropped 1.06% in last 24 hours and is priced at 0.01228720 BTC.
Quite unexpectedly, the DRK/BTC rebounded after reaching the latest bottom of 0.00885783 BTC. The fresh price behavior arrived right ahead of the launch of Darksend+. The DRK/BTC opened yesterday at around 0.00904835 BTC and remained stable around the same level. The market shifted upwards during the afternoon trading hours in absence of any new development update. The DRK/BTC closed at around 0.00925806 BTC.
At press time, the DRK/BTC has surged over 6% in last 24 hours and is being traded at 0.00956195 BTC.
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