This morning, we are still seeing the markets taking heavy hits, on a decline that is promising to bring some major currencies down to new monthly lows. This slide, seems to be a part of a far bigger market decline.
Yesterday, we did see some signs that suggested the worse could be over, however it now looks as it that small element of positivity was down to nothing more than mere market correction. Today, the slide continues, some major benchmarks have been surpassed and overall, things are looking pretty bleak.
At the time of writing, Bitcoin is valued at $8,260.68 and is down 5.64%. Bitcoin is now perilously close to hitting the $8,000.00 mark, by moving back into $7,000.00 territory, Bitcoin is sure to face some resistance, preventing it moving back up towards $10,000.00 any time soon. Sadly, this now looks to be the bigger picture, with Bitcoin failing to make any progression even towards $9,000.00 over the past few days.
Ethereum has managed to drop below a target figure. At the time of writing, Ethereum is valued at $691.87 and is down 5.79%. By dropping below $700.00, Ethereum may meet some solid resistance when trying to breach that mark again in the future. Given the depth of what we see here however, it doesn’t look as if Ethereum will recover from this any time soon.
Likewise, at the time of writing, Ripple is down significantly, valued at $0.68, down 7.98%, Ripple is still taking hits from a combination of the market crashing and of course, the lawsuit looming over Ripple Labs, which does indeed seem to be taking its toll on XRP.
Further down the markets, the red trend continues with the majority of currencies on downward slopes. EOS, Cardano and Stellar, at the time of writing, down 12.87%, 10.37% and 9.57% respectively.
Overall, the scenes we are witnessing now are far from promising. With the markets taking significant hits over the past week, we must consider how this will affect proceedings, should this run of bad luck continue into the weekend. Granted, we are only half way through the week and thankfully, the markets still have time to kickstart a recovery. Perhaps what we are seeing now is just a blip, although in the grand scheme of things I very much doubt that this is the case.
For now, we should continue to observe and see how this pans out, maybe next week we can approach this with a little more positivity, providing things calm down soon.