Crypto Markets Continue Retreat As Investors Look For Stability Signsbr>
The cryptocurrency markets kept retreating today, as investors looked for signs of hope amid the wreckage of the last week.
At mid-morning, bitcoin was at $6,200, down incrementally over the last 24 hours. That may indicate it’s found a floor – or merely indicates the losses have been temporarily slowed in a week where back to school activities and religious holidays may have sapped some attention. Volume was moderately low, indicating the latter is more likely.
Ethereum had worse news, continuing its plunge. Ether is now at $185, and Vitalik Buterin’s pessimism seems to be spreading. Many cite the initial coin offerings of last year and the need to invest the raises as one of the reasons the price is going down.
The news was little better elsewhere in the top ten coins, with losses ranging from one percent to Cardano’s seven percent, the latter driven down by some negative outlook reports emerging.
David Sapper, the COO of the Blockbid trading platform, expressed surprise that positive news on institutional investments into the market has done little to increase prices.
“In the past, such news we have seen over the past week, including the vice president of the European Commission saying that cryptocurrencies will co-exist with the financial system, would usually lead to wild price spikes that would see bitcoin and other cryptos prices increase substantially,” Sapper said. “The fact that we haven’t seen this is a good indication of bitcoin and other cryptocurrencies prices are stabilizing, which will hopefully lead to more large scale investment from institutional investors that will benefit the crypto market as a whole.”