The 10 largest crypto coins followed bearish patterns in the second week of May. Find out more about this week’s crypto price movements here.
Negative remarks made by billionaire investors last week shook the crypto market as the 10 biggest cryptocurrencies continue their downward trajectory. What other factors contributed to the ongoing price drop? Find out more in this Crypto Exchange May WK2 2018 roundup.
The cryptocurrency market, still reeling from a major selloff in the year’s first quarter, was shocked by attacks from huge investors last May 5 in the US. Investor Warren Buffett of conglomerate Berkshire Hathaway called cryptos, naming Bitcoin (BTC), worse than rat poison. The financial success of Buffett, and other billionaires including Bill Gates, assured that their voices weighed heavier than everyone else’s. And that weight fell upon the crypto world.
Continuing their impressive April run, EOS (EOS) is the top performing altcoin on the list with a price drop of only 1.89 percent. One contributing factor is the May 5 announcement of EOSIO Dawn 4.0, an update to be released later this week. These updates are in preparation for the full launch of the EOSIO 1.0 software, the digital currency’s mainnet, in June.
Bitcoin, still the largest cryptocurrency in terms of market capitalization, fell by 4.16 percent. Bitcoin was close to breaking the US$10,000 ceiling last Sunday, but getting singled out by Buffett stopped their climb. From then on, the digital coin failed to recover as price, peaked at around US$9,900, dropped below the US$9,000 mark in a single week.
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Meanwhile, the interest in the upcoming May 15 hard fork was not enough to push Bitcoin Cash’s (BCH) price up which went down by 6.59 percent this week. The hard fork will increase Bitcoin Cash’s maximum block size to 32MB and data carrier size to 220B. The upgrades will improve transaction speed and decrease transaction fees to address the network congestion issues that have been plaguing Bitcoin users.
Some developments in the coming weeks can pull crypto prices back up. The new governor of South Korea’s Financial Supervisory Service, Yoon Suk-heun, said he saw some of crypto’s positive aspects, and he shared plans to work on regulatory issues. Yoon just assumed office last May 8, so the crypto industry is yet to see his real position on cryptocurrencies.
In the US, the New York Times reported that the parent company of the New York Stock Exchange is secretly working on an online trading platform for Bitcoin. This, according to the newspaper, is a sign that the Wall Street is slowly warming up to Bitcoin.