The state of this mornings markets is a little pessimistic given the optimism we have ridden over the past few days. The majority of currencies are entering steep declines, with some very significant figures now surpassed.
We might perhaps start to worry as to the extent of this, why are the markets falling and how long will it last? Indeed, hopefully this is just a temporary blip and indeed, hopefully things will level out soon enough, as it stands though, the current figures we are seeing carry a slightly depressing undertone.
Let’s have a look at current standings within the market.
At the time of writing, Bitcoin is valued at $8,857.31 and is down 5.16%, Bitcoin has now slumped well below the $9,000.00 threshold. This is quite concerning although we must remain optimistic in the hope that Bitcoin will move back over $9,000.00 soon enough, when the markets re-gain some balance.
At the time of writing, Ethereum is valued at $707.11 and i9s down 7.17%. Here, Ethereum is very close to moving below the $700.00 mark, a figure that thus far it has worked really hard to surpass. Hopefully if it does move below $700.00, we won’t see much resistance when Ethereum attempts to move past this again in the future.
Ripple at the time of writing is on the brink of some really regressive figures. XRP is valued at $0.705 and is down 12.08%. This is significant as, recently, XRP has failed to make major progress as a result of the pending law suit and debate around XRP as a security. The currency is now dangerously close to the $0.60 threshold, the exact opposite direction in which it needs to be travelling in order to reach $1.00.
Even Bitcoin Cash is looking gloomy. At the time of writing Bitcoin Cash is valued at $1,415.98 and is down 14.33%.
The negative trend sweeps further down the markets too, with IOTA, TRON and NEO all down significantly, 15.68%, 16.32% and 13.62% respectively, at the time of writing.
What is happening here?
Right now, we can’t tell. But whatever it is, does look to be quite serious. Cryptocurrencies react to a lot of different variables, this could be down to a number of little coincidences that seem to be having a great impact on the values we see. Let’s just remember that as the values fall, we may expect to see them climb too, in a short space of time.
The markets are volatile and thus, things could take a turn upwards soon enough. We should however look upon this with caution, let’s see how the markets continue through the day. For now, I do worry that this weekend may present some big challenges, should this negativity continue.