Crypto Markets Not in Such a Giving Mood, Bitcoin Drops by over 3%

There was no Santa Claus rally this year for the crytpo markets, and today Bitcoin does not feel that it is

There was no Santa Claus rally this year for the crytpo markets, and today Bitcoin does not feel that it is better to give than to receive.

The case can be made that equity markets did have their rally. Stocks did go through their greatest price swings since 2011, but US indices once again found themselves at record levels, despite slumping commodity markets.

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Last Christmas, bitcoin was rising through the $600s on its second trip back to near $1000, reached early in the new year.

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Bitcoin (BTC) has fallen by 3% during the past 24 hours to $315 on BTC-e, hovering within striking distance of 2014 lows. The drop all but erases a string of modest but hard-earned gains that brought BTC to a one-week high.

The prospects of a mid-term recovery are growing dimmer as it spends longer periods in the low $300s, as reflected by its slowly declining 50-day moving average (MA).

Litecoin earlier fell to $2.67, within 8 cents of a $2.59 low reached last week.

Ripple, Stellar and Nxt are the only coins among the top ten to trade in positive territory today, another example of their immunity during market downturns.

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