Bitcoin
Bitcoin gives a downturn and loses $500 in just minutes
Ever since the year started the market seemed to be in a crumbling path, and red numbers were the order of the day. So most of enthusiasts and investors were just confused and despaired about a situation that didn’t seem like changing in a short period.
In fact, that is why we all have been pretty much excited in lights of the upturn the market has had during the last couple of days, which of course, have caused a generalized sensation of calm amongst the community.
However, this calm sensation was stricken today when Bitcoin had a bearish move that placed the coin in a -$500 position, a fact that evidently influenced several other cryptos in the market. Let’s see the main details behind the current crypto-market situation.
Bitcoin freefall
The morning started with a pronounced fall in the prices of Bitcoin of more than 5% which put the price of the coin around the mark of the $7,000, but with a great predisposition to get a lower price on the next hours.
As a matter of fact, at the time of writing Bitcoin (BTC) has a price of $6,954 recording a 5.52 percent decrease in the last 24 hours according to Coinmarketcap. So as the red appears in the landscape again, we wonder what could be the problem this time.
Well, concerning the above mentioned, nothing has been confirmed yet. Nonetheless, some assumptions point that the sudden freefall may have been influenced by the non-confirmed report from Business Insider that states that the US-based investment Goldman Sachs, actually decided to discard their plans of integrating crypto options to their business because of the intense regulatory tension around the crypto world.
In the report, it could read:
“Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, according to people familiar with the matter.”
However, later on, it was known that the bank itself stated they hadn’t made a decision yet regarding this.
All the major indices poised to open lower this morning as crude falls and #bitcoin futures drop below $7K pic.twitter.com/SzdCGscuEP
— CNBC Futures Outlook (@FuturesOutlook) September 5, 2018
Interchangeably, the truth is that the crypto-sphere has been pretty much in the spotlight of the Securities and Exchange Commission (SEC) these days, and this has been mainly because of reasons such as ICOs, scammy coins, possible regulations for Bitcoin, and others.
In fact, not so long ago the SEC decided to refuse the application of Bitcoin in order to have an Exchange-traded Fund (ETF), and the reason given was merely the volatility of the price, but in contrast to that, the CEO of the crypto startup Abra, recently stated that the real reason behind the refusal of the SEC was because “the crypto industry does not fit the applicant archetype”. He said,
“people who are doing the applications don’t fit the mold of who the SEC is used to approving.”
Few last words
We still can’t conclude whether or not Bitcoin will continue its fall or if it will give an upturn, but we can be sure that this is something the king of crypto market needs to solve in order to keep the attention of the company Intercontinental Exchange (ICE), which is planning to roll out a Bitcoin ETF in November.
With relation to the rest of the market, well the downtrend was probably bound to occur as Bitcoin influences the whole sector, but some of the most affected have been Ethereum, XRP, Bitcoin Cash, and EOS.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Holger Link on Unsplash
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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