Cryptocurrency Monthly Recap - Forex News by FX Leaders
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Cryptocurrency Monthly Recap

Posted Thursday, January 31, 2019 by
Shain Vernier • 1 min read

Cryptocurrencies have picked up in 2019 where 2018 left off ― values are down, the long-term bearish trend remains valid, and there appears to be no end in sight. At the moment, the only positive element of the cryptocurrency trade is that a fresh month will get underway February 1st.

The Dark Cryptocurrency Winter Continues

Going into the new year, many crypto traders were excited about the prospects of the coming year. In truth, many still are. But, facts are facts: crypto values are falling rapidly. Here is a quick look at January’s performance of the leading coins:

Coin                                               Gain/Loss          Key Number

Bitcoin BTC                                     -7.43%                  $3400                 

Bitcoin Cash BCH                            -27.94%                 $100

Ethereum ETH                                -20.85%                $100

Litecoin LTC                                    +3.05%                  $30

Aside from the modest gains of Litecoin, the big four cryptos have struggled to find any solid ground. In addition, Ripple XRP has lost 13.4% for January and is trading in the $0.30 area.

Overview

As far as fundamentals go, there isn’t a whole lot to report facing the cryptosphere. Lead stories are South Korea upholding its ban on ICOs and the CBOE pulling its rule change request from SEC consideration. On the Bitcoin ETF front, nothing is happening, with an official SEC decision date remaining a mystery.

Of course, the sliding values are a welcomed sight for bargain hunters. However, at this point, it looks like there is more pain in store for the cryptocurrency asset class before any meaningful rebound will take shape.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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