ForexMinute.com – Last 24 hours in cryptocurrency market are devilishly crafted as most of the top coins, including Bitcoin, has faltered by a huge extent. The active decline looks more like a job of emotional traders; thus, we are not stressing on the negative influence of events in last 24 hours.
The much-talked-about reason behind Bitcoin’s sudden imbalance is merchant adoption. As Litecoin’s moderator, codename The Real Merge, once predicted the growing merchant adoption to be one of the major factors to kill a cryptocurrency, the same is happening in the case of Bitcoin. The only problem with major retailers that are accepting digital currencies is their decision to convert the coin into fiat money as soon as they receive it. Not only it reduces the market value of that particular digital currency, but also misbalances the supply-demand ratio.
Another theory that somewhat goes against the aforementioned one is the presence of OTC traders within the Bitcoin system. To those technological geeks who never took commerce serious (like me), OTC traders are those individuals who believe in dealing directly with the stock-selling company, rather than undergoing with the regular procedures. People simply are buying (or selling) Bitcoin off-market. In this case, OTC traders are the miners.
Moving on to other coins, it is obvious that they are also in the current Bitcoin storm. Litecoin, being the closest one, has dropped in market cap following the Bitcoin’s bearish behavior. On the contrary, Litecoin’s new family member Dogecoin has shown some progress in its charts, rising over 5% in last 24 hours. No specific reasons though! Anyone buying there?
The similar can be said for Darkcoin, which has surged over 5% in last 24 hours, right ahead of its RC5 launch. The contained excitement however is more for Darksend going open-source, indicating that the project is now bug-free (supposedly). The hype is helping Darkcoin in this time of crisis, while proclaiming its decoupled status from Bitcoin as well.
Peercoin, NXT, BitSharesX and Ripple meanwhile have fallen notably in last 24 hours. Here is the report:
BTC/USD
Bearish all the way, the BTC/USD looks no good today and is poised to go further lower than its current value, at 426. The similar downtrend was a low point during the 9/18 trading hours. The selling pressure is likely to remain until the pair hits the 400 mark. A psychological pressure thereupon may land on traders’ heads, which may make them buy the coin at low. There the pullback is expected, not entirely though.
We can only expect the next bubble if the BTC/USD crosses the 475 mark in upcoming days. Here is the 9/18 report meanwhile:
Opening value: 457
Closing value: 424
Peak value: 457
Higher Resistance: 454
Lower Support: 414
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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The much-talked-about reason behind Bitcoin’s sudden imbalance is merchant adoption. As Litecoin’s moderator, codename The Real Merge, once predicted the growing merchant adoption to […]
