This article examines the recent price action of four Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), and Chainlink (LINK), as well as the news that may have been responsible (at least in part) for these moves.
Since Saturday (August 10, 00:00 UTC), the Bitcoin price has gone from $11,921 to $10,514, where it is at press time (11:04 UTC), a drop of 11.8%.
Around 3.7% of this drop might be due to the U.S. government softening its stance in the trade with China by announcing on Tuesday (August 13) that it would “delay imposing a 10 per cent tariff on a series of consumer goods imported from China — including laptops and cell phones — until December, in a bid to ease fears about the trade war’s impact on markets and the economy.”
This news helped U.S. equities, but what is good for the U.S. stock market tends to have a negative impact on crypto prices, especially Bitcoin, which many people are starting to think of as a safe haven asset even if the evidence for this belief is not overwhelming just yet.
Bitcoin Cash (BCH)
Although yesterday Bitcoin Cash was doing unusually well by being, at one point, the only cryptoasset in the green among the top 20 cryptoassets by market cap, it no longer enjoys that distinction, and at press time, it is trading at $339, down 0.43% in the past 24-hour period:
Yesterday’s price action caused Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital to send out this tweet:
Impressive rally on $BCH
Long BCH / short LTC seems like a decent trade, esp w the upcoming SLP token exchanges coming online pic.twitter.com/ybDCK76UZG
— Su Zhu 🦁 (@zhusu) August 14, 2019
Although the ADA price is up 27% in 2019, over the past 7 days and 30 days, the ADA price is down 2.27% and 11.45% respectively. At press time (11:07 UTC), ADA is trading at $0.05196, up almost one percent in the past 24-hour period:
One bit of news that might help the ADA price in the coming days is the release of version 1.6 of Cardano on the mainnet, which is mentioned in the following tweet by Cardano creator Charles Hoskinson:
We are shipping the 1.6 Cardano update over the next few days. Send me some screenshots of the new Daedalus and let me know if you like it. A lot of great work went into this release and I'm extremely proud of the team
— Charles Hoskinson (@IOHK_Charles) August 13, 2019
Among the top 20 cryptoassets, LINK is the top gainer at the moment with a price increase of just over five percent in the past 24-hour period:
One thing that might be helping Chainlink to stand out from the crowd at the moment is the rumor about a possible partnership with NEO:
— HatchingGains – Crypto (@hatchingcrypto) August 13, 2019
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