Crypto market daily report – August 3, 2018

The cryptocurrency market continued its decline on early Friday morning as a negative sentiment seemed to prevail over all the Top 10 coins. BTC continued its slide down to the psychologically significant $7,000 level when it dropped below $7,400, which was considered to be a key support level. At press time on Friday, BTC was trading at just above the $7,300 and was expected to fall further during the day on declining turnover. It appears that all the FUD regarding exchange traded funds (ETFs) which now seem to be quite a long way into the distance have affected price sentiment with BTC suffering accordingly.

Bitcoin Cash also suffered a decline of around 7% to trade at the $710 level, but even here selling pressure was forcing the price further downwards. Ripple was the currency least affected by these sheer drops, declining by only around 1% to just below the $0.44 level. Ethereum was down by around 4% to just above the $400 level at press time—a low for the year, although if it drops below the $400 level then a further decline may be expected. EOS careened down to below the $7 level, and was trading at around $6.95 at press time with very little support either way.

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