Crypto asset retreat led by iota’s 15% drop

August 30, 2018
Chris Wheal

Cryptocurrency prices were a lower on Thursday, down after a recent rally that had lifted many tokens from their year lows.

Cryptocurrency prices have declined in the last 24 hours

Bitcoin, having returned from its 14 August low of $5,898 to the $7,000 mark this week, dipped to $6,900 on Thursday.

China ban

Sentiment may have been upset by reports that China was extending its ban on cryptocurrency activity to Guangzhou, the capital of Guangdong province, where it banned any crypto-related promotions.

It was possibly only a minor correction, however, as much of the news remained upbeat about cryptocurrencies on Thursday after Yahoo Finance announced it had integrated trading with bitcoin, ethereum and litecoin on its trading platform – bringing greater exposure to the digital asset sector.

Iota rally overextended

Iota’s recent rally appeared to overextended itself, however. Having reached a three-week high of $0.8116 on Tuesday, the digital currency fell more than 15% on Thursday.

Analysts suggest there were no fundamental reasons for the retreat and that it was purely a technical move.

“The coin is following the overall crypto market trend, correcting from overbought territory. As long as the price stays above $0.5800-$0.5780, the move may be regarded as a technical correction and speculative positioning,” said Tanya Abrosimova at FXStreet.

Price round up

Here’s a round up of the price action in the top 10 cryptocurrencies by market capitalisation on Thursday at 11am [London time]:

  • Bitcoin -2.1% at $6,925.70
  • Ethereum -5.4% at $277.37
  • Ripple -5% at $0.33
  • Bitcoin cash -5% at $531.58
  • Eos -3.6% at $5.76
  • Stellar lumens -6.6% at $0.22
  • Litecoin -5.2% at $59.25
  • Tether -0.1% at $1
  • Cardano -5.4% at $0.10
  • Iota -15.5% at $0.67

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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