As we know, today the markets are experiencing a fall that kicked in around 24-hours ago. The majority of the news is pointing towards a large-scale hack of South Korean cryptocurrency exchange, Coinrail as the root to this demise, however we can be pretty certain that there are some other contributing factors, factors within world politics and world finance. In short, the climate is bumpy at best for the cryptocurrency markets.
This current fall is no doubt going to become more problematic through the week. As the markets continue to fall, we are going to see major currencies move below critical levels, which, when the markets come back round will prove tricky to navigate. Moreover, because the markets have lost such value, any future progression as a result of a market surge or a bull run will be limited now.
Let’s review the current standings.
At the time of writing, Bitcoin is valued at $6,706.63, down 7.81%. Bitcoin is continuing to fall, after breaching the critical $7,000.00 mark. If this fall continues, we will see Bitcoin move closer to $6,000.00, if this point is reached then it should be pretty conclusive that we will see Bitcoin struggle to make any firm progression in the near future.
Likewise, at the time of writing, Ethereum is down 7.71%, hitting a value of $525.73. We can very well expect Ethereum to fall past $500.00 now as the day continues. Considering this time, a month ago, we could have seen Ethereum start moving up towards $1,000.00, the current projection of <$500.00 is negative at best.
Ripple has taken a hit. At the time of writing, Ripple is valued at $0.57, down 8.05%. Ripple had started to recover from a pretty poor May and began making progress back up to $0.80. Now, this move back down below $0.60 will see Ripple struggle once more. Of course, the markets will level back out after this, even so though, we can’t expect Ripple to hit any significant values any time soon as a result of this.
At the time of writing, Bitcoin Cash is valued at $928.01, down 9.98%. Bitcoin Cash has taken a real hit within this decline, falling below a heard earned value of $1,000.00, if Bitcoin Cash continues to fall, it could climb back into the Bitcoin trap, sitting pretty at around 10% of Bitcoins value. This is relatively bad news for Bitcoin Cash, considering that recently we have seen it make moves back up to $1,500.00.
As you can see, things are looking quite depressive indeed. As mentioned, the markets will balance back out after this and therefore, this negative trend won’t last forever. It will however take a few days for this correction to take place, therefore when it does, we can expect the currencies to have to move back from even lower values than what we are seeing at the moment. Either way, this is a crucial time to watch the markets. Keep an eye on your assets because the next few days could be very important.