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Cryptocurrencies Take On Heavy Losses, Will This Continue Through The Weekend?
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Cryptocurrencies Take On Heavy Losses, Will This Continue Through The Weekend?

This morning, it seems the real scene of the week has finally been set. As we enter the middle of the week, the markets are taking bigger tumbles than we would like to imagine. This time last week, we hoped we would be seeing the end of this through the weekend, unfortunately though, this bearish trend has caused the markets to continue to fall through the start of this week, through the middle and by the looks of it, right through until the end of May. Whilst we can’t predict when the markets will see liberation from this unsettling climate, we should seek some comfort in the fact that eventually, the markets will settle back out. For now though, things look bleak to say the least. Let’s take a look at the current state of affairs- At the time of writing, Bitcoin is valued at $7893.86 and is down 5.33%. This fall in the value of Bitcoin is now starting to become a bit of a concern, with the $8,000.00 mark surpassed, we should be wary of future resistance at $8,000.00 going forward. Bitcoin may very well struggle to surpass $8,000.00 any time soon. There is a chance that this move below $8,000.00 is only temporary, if this is the case, Bitcoin should make ground back up to $9,000.00 sooner, rather than later. Likewise, at the time of writing, Ethereum is down significantly. At a value of $633.46, down 8.89%, Ethereum is now very close to dropping down below $600.00. Much like Bitcoin, Ethereum will see some resistance at this point. A move below $600.00, when Ethereum was previously so close to hitting $1,000.00, really does show off quite how drastic the market collapse has been this week. Bitcoin Cash and EOS are taking huge hits. At the time of writing, Bitcoin Cash is valued at $1,081.51, just managing to keep afloat of $1,000.00, yet down 10.10%. EOS is valued at $11.68, down 10.80%. Considering EOS has caught all time highs recently, it is now very close to moving back down below $10.00, a disaster for investors who bought in during the reign of EOS, peeking over $18.000. This depressive trend continues through the markets. For now, we must pay very close attention to how these figures progress. If this trend continues through the day, the aforementioned currencies will stoop below very significant targets, that’s something that could provide some problems for us later on.

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Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

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