Cryptocurrency market stabilises after recent losses

October 12, 2018
Chris Wheal

After a couple of sessions of losses the cryptocurrency market stabilised a little on Friday as global equity markets also settled after a recent slump.

 

Cryptocurrency prices stabilise after losses

While crypto enthusiasts would blast any suggestion of a link between digital assets and stock markets, it would appear that the same risk-averse sentiment – driven by China-US trade war fears – that caused a 3.4% fall on the EuroStoxx index, also affected sentiment towards cryptocurrenies.

Over a four-day trading period this week to Friday, the total capitalisation of the entire cryptocurrency market fell more than 9% to a month-low of $201bn.

Sentiment may have been further undermined on Thursday after a number of speakers at a US Congressional hearing on cryptocurrencies and blockchain blasted cryptocurrencies.

These included arch-bitcoin critic Nouriel Roubini, who called the sector “the mother and father of all scams”, that only appealed to “clueless retail investors” because of their fear of missing out.

Price round up

On Friday, however, the market calmed a little and some cryptocurrencies registered gains. Here’s a round up of the price moves at 11.30am [London time]:

  • Bitcoin +0.2% at $6,304
  • Ethereum -1.7% at $197.07
  • Ripple XRP +3.7% at $0.43
  • Bitcoin cash -0.9% at $448.31
  • Eos -2.1% at $5.24
  • Stellar lumens +0.6% at $0.22
  • Litecoin +0.5% at $52.74
  • Tether unch at $0.98
  • Cardano +0.2% at $0.08
  • Monero +0.1% at $103.50

 

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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