Market Update - A Down Swing For BTC, XLM And LTC Whilst VEN Hits The Moon
We very almost saw an entire working week of positive movements, it was close, but now it seems we have just about missed out. The norm is back, figures are falling and the markets look to be set in a downward trajectory for the foreseeable future. This seems to be the result of some negative new stories that have hit headlines today, stories that have shaken the foundations of the markets somewhat and have caused prices to tumble.
Alternatively, this could simply be down to correction, if this is the case, we might well see prices take an upswing once more this afternoon.
Letâs take a look at the markets-
At the time of writing, Bitcoin is valued at $7,913.64, down 3.99%. Bitcoin has now fallen past the $8,000.00 mark and is continuing to slip downwards. Bitcoin dominance is down too, itâs currently at 47%. Bitcoin has led a bit of a charge this week, though the current trend seems to be backpedalling some of Bitcoins efforts. Sadly, we think this is happening in response to the SEC decision to reject the Bitcoin ETF. Though through the afternoon, the full effect of this will become more clear.
At the time of writing, Stellar XLM is valued at $0.30, down 10.65%. After the Huobi exchange listing announcement, Stellar hit the moon. Todays down trend is going to wipe most of that shoot out but we are assuming that the depth of XLMâs decline at the moment is only happening as a result of correction.
At the time of writing, Litecoin is valued at $82.37 down 5.73%. Litecoin is following the trend set by Bitcoin so again, we are having to assume that this is either the result of the ETF, or as a result of correction.
On the other hand, VeChain is seeing a bit of a skyrocket at the moment. At the time of writing, VEN is valued at $2.45, up 22.49%. For VeChain to move against the grain, at this rate we have to assume that this isnât a blip, and that it is the result of some new movements made within the VeChain team. This is something we are going to investigate through the afternoon. If VEN keeps this trend up, we could see it reach $2.50 and beyond through the afternoon.