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Bitcoin Price Watch: Currency Briefly Falls Below the $6,000 Mark Before Recovering

At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000.

The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs.

BTCUSD: BITCOIN BULL RUN SHOULD START AROUND SEP/OCT - CryptoManiac101

In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent.

Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX.

“This has snowballed negative investor sentiment,” he explains.

Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off.

“Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?”

Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature:

“Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.”

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Not much is happening across the cryptocurrency industry as of right now. Most currencies are seemingly stuck in a bit of sideways trading momentum, which can mean one of two things. In the case of the EOS price, it seems things are heading in the right direction, courtesy of a small gain over the past 24 hours. EOS Price Surpasses $5.2 It is interesting to see how the EOS price is evolving over these past few hours. Although there does not appear to be much momentum to push the value much higher, its trading volume is increasing rapidly. Thanks to $625m in volume, the EOS price has surpassed $5.2 once again. This is an interesting trend, albeit it remains to be seen how long this will last. With the EOS value noting this 2.23% increase, it is also the only top currency to note any real gains in the past few hours. It will be interesting to see if other coins follow this example prior to or during the weekend. If this trend remains in place, the EOS price will very well make its way to $5.5 over the next few days, albeit that will primarily depend on how the Bitcoin price evolves in the coming days. Even though the EOS price momentum appears to be turning a bit bullish, there are some doubts among cryptocurrency enthusiasts. A recent Hacker Noon article claims the EOS core protocol development may have been outsourced. Although that in itself would not necessarily be a big problem, it would certainly put a different spin on how the project is perceived as a whole. In more positive news, it would appear a new smart contract security auditing platform for EOS has gone live. The project is known as EOSpark SEC, and will offer a lot of expertise when it comes to smart contracts and applications making use of EOS’ native technology. As is always the case, there are concerns when it comes to smart contract technology and potential issues which may arise because of its use. 【First Release】https://t.co/FJqs2Go2hx luanched Smart contract security audit platform EOSPark SEC with well-known security audit service [email protected]_Team @Knownsecoff @EOS_io #Audit #EOS pic.twitter.com/m4QJMzr3u0 — EOSPark (@eospark_com) September 20, 2018 Furthermore, it appears things are heading in an interesting decision where Australia is concerned. EOS will be exposed to the Australian Dollar on the ACX platform. Albeit this may not necessarily be the biggest exchange among cryptocurrency users, it further confirms a lot of companies are looking for ways to improve their list of current offerings. Having more fiat currency gateways can do wonders for any cryptocurrency, including EOS. The new trading pair will be available soon! @EOS_io #EOS #trading #japan #korea #china #australia #exchange pic.twitter.com/XyCcmmrlFI — ACX.IO (@ACXTWEET) September 20, 2018 Although the positive developments may not necessarily make an immediate impact on the EOS price, it shows the ecosystem is still advancing as a whole. Even so, the weekend is around the corner, which will usually lead to some interesting price changes regardless. For the EOS price, it is impossible to determine what the future may hold in this regard, but things look relatively promising at this time. The post EOS Price Rises Despite Claims of its Core Protocol Development Being Outsourced appeared first on NullTX.

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