After a very disappointing start to the week, it looks as if the markets are starting to re-gain some balance after taking on huge losses in the wake of a hack within South Korean cryptocurrency exchange, Coinrail.
Whilst this hack may not be the sole reason for the rapid market decline, it has of course had a huge influence on certain values, which in turn has caused a number of major currencies to sink to new two-month lows, resonating the poor values that we experienced in March 2018. Now of course, the current climate isn’t suggesting we are recovering from this already, but, thankfully, the climate is helping to slow down the fall of the majority of currencies, with a few actually now starting to climb back up, albeit at a slow pace.
Overall, this is a trend we expect to continue through the week now, the start of this week has had a huge impact on the markets and thus, cryptocurrencies are going to remain extra sensitive for a while now. Small gains will be reversed by small losses, hopefully though, we don’t see too much deviation from the already low figures we are seeing today.
At the time of writing, Bitcoin is valued at $6,851.73, up 0.90%. Bitcoin has hit new lows this week, but, now seems to be back on track towards $7,000.00. The sooner Bitcoin gets there the better as ultimately, the longer it takes for Bitcoin to reach $7,000.00, the more resistance we can expect it to receive at this point in the future.
At the time of writing, Ethereum is valued at $531.45, down 0.32%. The current fall of Ethereum is only slight, however it does not bode well for Ethereum in terms of value. As it stands, it is comfortably within range of $550.00, however, given its downwards trend we can expect to see Ethereum move in the opposite direction and close in on $500.00.
Ripple is making somewhat of a recovery. At the time of writing, Ripple is valued at $0.59, up 1.57%. As Ripple approaches $0.60, it is polishing off some of the damaged caused by the recent crash. With this in mind though, we still have a long way before Ripple is back on track towards $1.00, something that seemed far more realistic just a few weeks ago.
As you can see, the current climate is mixed at the top of the markets. Likewise, this trend continues throughout. Hopefully as balance is found, we will see a common trend appear and thus from this, we can start to make estimations about what will happen next. As it stands though, things are very shaky, and the markets are uncertain at best.