Bitcoin Cash in the Red with the Pack
Bitcoin Cash failed to make a move on Monday and has ultimately paid the price, with Bitcoin Cash down 5.82% to $2,246.1 at the time of writing, sitting well below a weekend high $2,884.
Sentiment across the cryptomarkets has turned sour and investors will be doing well to find a cryptocurrency that has managed to make any positive moves in the early part of the day.
An air of negativity remains, following last week’s decision by the South Korean government, with uncertainty over Bitcoin miners also a factor to consider, as more negative news hits the cryptowires.
News of hacking, money laundering and price manipulation over the last 24 hours have certainly not helped and with it will likely bring speculation and chatter from governments and regulators of a need for greater oversight.
Investors have clearly taken a more cautious approach and perhaps rightly so, with any announcement of a clamp down by governments and regulators likely to come without warning.
The trend is certainly looking bearish and with the general market on the slide, there’s unlikely to be much incentive for investors to take advantage of current values.
We will expect some support at sub-$2,000 levels, though whether Bitcoin Cash can hold will largely depend on what’s hitting the news wires through the day.
If the Bitcoin futures are anything to go by, today’s intraday low $2,148.3 will likely be revisited.
Litecoin in the Red with Nowhere to Go
Litecoin has had a better start to the day than most, down 2.97% to $225.6 at the time of writing.
While the gains may have been less severe than the likes of Bitcoin Cash and Ripple, the lack of direction has seen Litecoin fall from a weekend high that was well below its all time high, with Litecoin having struggled since hitting $300 levels in the 1st week.
Investors appear to have shied away from the blockchain tech on offer by the respective cryptocurrencies, with the declines coming more from the negative sentiment towards the cryptocurrencies than the likely success and failures of the respective platforms.
There has been a continued worry that investors have simply looked to hold on to cryptocurrencies for gains and the case is strengthening by the day.
We will expect Litecoin to find support at sub-$220 levels and, with the general trend bearish, will do well to recover to $230 levels later in the day.
Ripple Makes the wrong Waves
A bad start to the week got worse for Ripple investors, with the late Monday tumble to a $1.65544 close doing little to draw in bargain hunters.
At the time of writing, Ripple was down a further 4.8% to $1.5762 and, while it’s been sideways since, with Ripple recovering from an intraday low $1.41646, the negative sentiment surrounding the cryptocurrencies are unlikely to be of much help.
Ripple’s blockchain tech continues to be well received by the financial sector, but with investors having speculated on Ripple as an investment that had delivered exceptional returns in December and early January, questions will be asked on whether Ripple can make a run at the all-time high hit at the start of the year.
We would expect Ripple to have a better 2nd half of a day, but a move beyond $1.7 levels will be needed for Ripple to move back to $2.00 levels and it’s certainly looking unlikely at the time of writing.