Cryptocurrency markets are in the green again, pushing the total digital currency market capitalization close to $400 billion. Traders are blaming profit taking and bearish U.S. stock market trend for the latest broader market selloff. Bitcoin price (BTC) plunged below $9,000 level today after hitting one month high early in yesterday trading.
Altcoins are also in the doldrums. Ethereum (ETH) and Ripple (XRP) posted a double-digit decline in Wednesday trading. They are making small sideways moves today.
Ripple, the third largest cryptocurrency, dip more than 1% early today to $0.81. XRP hit $0.93 level last weekend. Litecoin (LTC), NEO (NEO), Cardano (ADA) and IOTA (MIOTA) also move higher today after trading in the red early in Thursday trading.
Bitcoin Cash (BCH) and EOS (EOS) are also gainers in today’s trading. BCH is up more than 4% to $1,344 and EOS price jump 3.3% to $14.72. The improvement in blockchain technologies of these coins boosts trader’s confidence.
Market Trend Remains Solid
The trader’s sentiments regarding the future fundamentals of cryptocurrency market remain stable despite the latest bearish trend. The potential for institutional investments and regulators acceptance adds to future fundamentals.
NASDAQ CEO comments have further encouraged investors confidence in cryptocurrency markets. The CEO believes NASDAQ could become a new platform for cryptocurrency traders once the market matures.
“Certainly Nasdaq would consider becoming a crypto exchange over time,” Nasdaq CEO Adena Friedman told CNBC’s Squawk Box Wednesday. “If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”
Adena Friedman wants regulators to play their role in streamlining digit currencies, as the CEO predicts cryptocurrencies to persist over the long-term.
NASDAQ has also announced a collaboration with cryptocurrency exchange Gemini. The partnership will give Gemini access to Nasdaq’s surveillance technology, which will help the cryptocurrency exchange to make sure that their platform offers a fair and “rules-based marketplace”.
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Sharon is a journalist based in Durban, South Africa. He has years of experience in writing for a number of print and digital platforms, ranging from sport to technology and of course, Cryptocurrencies.