Published On: Sat, Aug 26th, 2017

Bitcoin Cash Falls 5.38%, Dollar on Path for Weekly Loss

Bitcoin continued to recover on Thursday. The cryptocurrency rose 2.45% to trade at $4,227.3, up over $101 on the day. The currency suffered a drop earlier in the week, pushing the currency briefly to $3,600 before it recovered. The cryptocurrency is down from its record high of $4,489.1.

The current value of bitcoin has the currency at a $70 billion market cap.

photo https://en.bitcoin.it/wiki/Main_Page

Bitcoin boasts gains of over 400% this year thanks to demand from Asia pushing the currency up. Bitcoin remains a top-performing asset, often traded by CFD traders. Japan legalized Bitcoin earlier in 2017, expanding the currency’s reach and allowing it to be backed by new laws.

Major retailers in Asia have started to accept Bitcoin, helping the currency continue to grow.

Bitcoin Cash has suffered as Bitcoin continues to surge. The Bitcoin alternative is down 5.38% on Thursday, falling to $615.00 and down $35.00 on the day.  The currency hit an all-time high of $935.50 on Saturday and has lost $320.50 since.

The cryptocurrency was created after internal struggles inside of the bitcoin community. The currency is based on faster transactions on the network. Ethereum, the world’s second-largest cryptocurrency, is up 1.22% on the day, gaining $3.87. Ethereum is trading at $321.99.

The dollar’s gains remained capped on Thursday, as weak U.S. housing sector data reduced investor sentiment. The Jackson Hole summit, where Fed Chair Janet Yellen will speak, added to investor caution going into Thursday.

Existing home sales in the United States fell in July. Home resales fell 1.3% in July to 5.44 million units, down from 5.51 million units a month prior. June’s numbers were revised down from 5.52 million. Market forecasts had home resales rising in July by 0.9% to 5.57 million units.

Median home prices for existing homes also rose 6.2% compared to a year prior, marking 65 months of gains in housing prices. The median home price is now $258,300. Low inventory levels have impacted the market, causing prices to rise faster than expected.

First time homebuyers have stalled their plans to buy a home, as prices continue to rise of reach for potential homeowners. Rising student loan debt levels, now over $1.4 trillion, are partly to blame for fewer younger buyers entering the market.

EUR/USD fell slightly to $1.1801, down 0.06%, while GBP/USD rose 0.01% to $1.28. USD/JPY experienced a 0.51% gain, rising $0.56 up to $109.59. U.S. stock markets opened the day lower on weaker-than-expected housing data.

Author: Jacob Maslow

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