Crypto Markets Dip Again as Asia Wakes, Cardano (ADA) and Ripple (XRP) Worst Hit
As Japan, China, South Korea, and other Asian nations awoke this morning a fresh wave of crypto sell-offs occurred.
Bitcoin (BTC) is holding it’s own with only a minor dip to just below $6200 but the major of altcoins of have been harder hit.
Ripple (XRP) is down almost 5 percent, dropping below the $0.40 mark despite a recent Wirex survey on Twitter indicating a strong 78 percent interest in the project. Ripple has also been in discussions with the White House and the Trump Administration regarding crypto regulation in the United States. Considering Trump’s very public dislike for the Federal Reserve, is it possible his administration is looking into using virtual currencies to aid the economy of the country?
Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Stellar (XLM) are all down around 3 percent and some of the worst losers amongst smaller altcoins include NANO and Bytecoin (BCN), each down by around 30 percent this month. Even stablecoin Tether (USDT) has slipped out of its dollar-pegged state and fallen to $0.97 – proof of ongoing problems in the way the company manages its USD-backed status.
Cardano (ADA) is down 4 percent following the recent news of troubles amongst the various partners in the project. Founder of Cardano parent company IOHK, Charles Hoskinson, released an open letter to the community last week outlining problems with management of The Cardano Foundation – the organization tasked with the development of Cardano. It now appears IOHK will continue to work on Cardano without the help of the foundation.
It’s not all doom and gloom though with some smaller coins enjoying growth. Relatively unknown payment gateway platform GoCoin (GO) has shot up by 40 percent over the past 24 hours and Odyssey (OCN) is up an impressive 8 percent.