The slow bleed out of the crypto market, as reported this week on our DC Forecasts crypto news site, seems to have continued over the past 24 hours as well. Major cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Ripple (XRP) extended their losses and dropped from 2% to 8%.
Bitcoin Cash was again a big loser. The price of the BCH altcoin dropped from $236 to $215 by nearly 9%. Over the past few hours, some of the major cryptocurrencies demonstrated a slight recovery in volume and price – but not what everyone expected.
Some tokens, however, have been recording (unexpectedly) large gains. For example, the Basic Attention Token (BAT) which is the native cryptocurrency of the browser named Brave, increased from $0.16 to $0.185 and demonstrated a surge of around 16.5%. BAT has performed well against both Bitcoin and the US Dollar.
Speaking of Bitcoin, the price of the leading cryptocurrency is now 35% down over the past week – as the market’s total wipeout is now estimated at more than $60 billion.
According to analysts, there are two major factors for the continuation of the downward trend. One of them is the extremely oversold conditions on the market – while the other is the recent caution towards initial coin offerings (ICOs) as monitored by the SEC.
The market is demonstrating oversold conditions and a steep decline in valuation. If Bitcoin manages to find support in the low range of $4,000 to $4,500, it could lead to a consolidation period over the next weeks and months.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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