After another massive setback for all cryptocurrency markets, it will be interesting to see how Bitcoin and the altcoins evolve in the future. The Ethereum price is taking a massive beating as of right now, as it has dropped below $ 485 once again. This is not the trend cryptocurrency users are looking for, but there is very little to be done about this bearish pressure unless something drastically changes.
It has become apparent over the weekend there is still a lot of negative pressure across all cryptocurrency markets. All of these major currencies are still in the dirt, with the EOS price taking the biggest hit of them all. This most recent 14.24% setback is worrisome for altcoin speculators, albeit not entirely unexpected when looking at the bigger picture.
With virtually all of the top cryptocurrency markets in the red once again, today will prove to be a rather interesting day. Some markets are suffering from steep losses, as the Cardano price is down by over 4%. Not a positive development for this somewhat popular altcoin, albeit there is little one can do about the current momentum.
Cardano Price Momentum Sours
It was to be expected the cryptocurrency market momentum would turn somewhat negative prior to the weekend. This particular trend has become a lot more apparent over the past few months, and there is no reason to expect any immediate changes in this regard. If the Cardano price is any indication, the coming weekend will be anything but positive for the cryptocurrency markets.
With no positive momentum across the cryptocurrency markets to speak of, it seems evident this flash sale will continue for some time to come. The Bitcoin Cash price, for example, has dipped below $ 1,000 for the second time in a few days. This seemingly confirms there are growing concerns regarding the long-term future of this project.
Bitcoin Cash Price Struggles are Very Real
Anyone who has kept an eye on the Bitcoin Cash price this week may have noticed an interesting trend. Despite a somewhat steady price level throughout most of 2018, things have taken a dire turn since this week. With the Bitcoin Cash price dropped from over $ 1,200 all the way to $ 980 in a few days, the setback was pretty steep.
Today is shaping up to be another terrible day for the cryptocurrency industry. All of the top currencies are in the deep red right now, with some of them suffering bigger setbacks compared to others. The Bitcoin Cash price, for example, has dropped below $ 1,200 once again, yet it remains to be seen how long this negative trend will remain in place.
Bitcoin prices dropped May 11th after regulators investigated South Korea’s largest cryptocurrency exchange, Upbit, panicking users.
Upbit ‘Deceiving Customers’: Reports
According to local news media outlet Chosun, authorities suspect Upbit of faking data about its balance sheet and “deceiving customers.”
Users holding funds on the exchange then withdraw en masse, as shown by data uploaded to social media, causing volatility across Bitcoin markets and prices to sink below $ 9000.
UPbit got BOGGED. pic.twitter.com/16cUBsoOIP
— Korean Cryptocurrency & Blockchain News (@CryptoOfKorea) May 11, 2018
As Chosun reports, a group of ten investigators from South Korea’s Financial Supervisory Service arrived at Upbit’s head office in Seoul Friday.
Things are not looking all that great for the Bitcoin price as of right now. Although it is unclear where this sudden bearish pressure is coming from, the price is getting battered quite badly. Thanks to a 6% decline in the past few hours, the Bitcoin price has now dropped below $ 9,000 and is seemingly heading to $ 8,500 or potentially even lower.
It appears to be a matter of time until most cryptocurrencies go through a brief correction. With all of these gains in the past two weeks, a retrace will materialize sooner rather than later. As of right now, most of the top currencies are still in the green, although the IOTA price is down by almost 2%. While this may be a flesh wound, the altcoin is also dropping value compared to Bitcoin, which is rather unexpected.
It would appear the momentum is turning against all top cryptocurrencies once again. While this is anything but surprising, it has become apparent this was just to be a matter of time. When looking at the bigger picture, there’s no reason to think the full recovery is in place yet. As such, we now see the Bitcoin price dropping to nearly $ 8.000 again, albeit it remains to be seen if that level will hold.
Bitcoin prices dropped to a 50-day low of $ 6,630 today, but a bottom may be in sight, chart analysis suggests.