Cryptocurrencies are continuing the downward spiral. Since our last update two days ago, bitcoin broke the $332 swing low. After a short struggle with the bulls, the second swing low at $319 also gave way, opening the door for $300. We are currently quoted at $308.72. As expected, bitcoin’s decline reverberated across the cryptocurrency space, sending Litecoin and Peercoin to new 2014 lows.
Namecoin Joins the Downtrend
Despite the Namecoin rally on Monday, the fall in BTC prices sunk all ships. On Tuesday we said: ‘’ Despite Namecoin’s gains yesterday, the cryptocurrency should continue to trade in tandem with bitcoin’s fortunes. If BTC/USD falls below $330, it will be hard for NMC bulls to keep supporting prices.’’ As big brother broke $330 and $319, NMC/USD broke $0.85 and then $0.80.
