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16 May

By Ahmed Mamdouh

Category: Cryptocurrencies

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Consensus Summit fails to boost recovery in cryptocurrencies

The top cryptocurrencies fell sharply on Wednesday, where market capitalization slumped by $23 billion, as the Consensus 2018 Summit failed to boost recovery.

Consensus, which attracted thousands of blockchain enthusiasts to New York, will end its three-day event today have failed to bolster cryptocurrencies prices.

Microsoft’s search engine Bing will join Facebook, Twitter and Google in banning cryptocurrencies ads starting from July.

The total market capitalization is currently around $380.4 billion, retreating from Tuesday’s peak of $411 billion.

At the meantime, there is high uncertainty surrounding the upcoming path for cryptocurrencies that have been under pressure since last week.

Bitcoin fell 3.95 percent to $8,440.89 and Ethereum plunged 3.39 percent to $710.18, according to CoinMarketCap. Yet, the EOS led the decline, among the top 10 digital currencies, with 9.79 percent plummet to $12.83.

The Bitcoin has started to move to the downside since hitting a peak of $9,990 on May 5, where it fell to a low of $8,103.6 today, the lowest level since April 19.

The leading digital currency may experience further decline until finding support at $7,850-$7800 levels, where it could rebound from there.

Ripple also sagged 5.72 percent to $0.7030 as it launches a critical payment test, tracked by Mitsubishi Corporation, Standard Chartered and the Bank of Ayudhya, that would measure functionality and speed of the digital currency.


Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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