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Why is Bitcoin Going Down in September?

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Why is Bitcoin going down
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As the time passes by, it would seem that cryptocurrencies are dropping more and more, making a lot of investors panic. The crypto market situation has been bad throughout the year. Week after week, month after month, the bad news was piling up, and the prices kept dropping. Traders and investors keep asking themselves why is Bitcoin going down?

Of course, there was good news as well, but it would seem that the good simply wasn’t enough to outweigh the bad. Then, in August of this year, things finally started looking up. The prices were surging once more, a lot of positive development came, new projects, partnerships, and more. The investors’ confidence started coming back, and we even saw an increase in interest in cryptocurrencies.

However, the positive development soon ended, and now Bitcoin and its altcoins are in another free fall. The prices are going down once more, as the market returns to its bearish nature. A lot of investors are wondering why that is? Why is Bitcoin going down, especially after everything seemingly fell into place back in August? There are actually several reasons why this is happening right now, and while nobody can do much to fix it by themselves, it is still useful to understand what is going on.

Why is Bitcoin going down?

Bitcoin has gone down numerous times this year, and for various reasons. Whether it was oversold, or it experienced negative news, or something else entirely — these things have been known to influence its price. While Bitcoin is only one of the hundreds, possibly thousands, of cryptocurrencies, it is still a representative of the industry. As such, whatever happens to BTC, usually happens to altcoins as well.

This summer, Bitcoin went up and down multiple times, with its price oscillating between $6,300 and $8,400. Its crashes have been mostly associated with the Bitcoin ETF requests that various companies filed. So far, the US SEC rejected them all, which demonstrated their lack of trust in Bitcoin.

A lot of experts claim that it is still too early to think about the ETFs and that this is something best left for 2019. However, there is also a lot of those who believe that the time is right. Obviously, the SEC does not share their opinion, and so far, it has either rejected Bitcoin ETF requests, or it has postponed the decision. In both instances, they damaged the market, as the investors’ confidence in BTC wavered.

This is mostly what caused the Bitcoin crash back in July. When it comes to August of this year, it was pretty kind to cryptos, and it even had a small bull run that led prices up for the first time since May 2018. However, as August came to an end, and September took over, a new period for cryptos came as well.

September market crash

It all started about a week ago, on September 5th, when an old crypto wallet that has been dormant for four years started to grow active again. The wallet was filled with BTC, and it started splitting the coins into smaller groups, which it then proceeded to send to various exchanges. Nobody knew who the wallet’s owner was, and different theories soon piled up.

But, why is Bitcoin going down? Well, as mentioned, the wallet was full of BTC, and it contained around 111,000 coins, This was an equivalent to over $800 million according to BTC’s price at the time. The investors feared that, if that many coins return to the circulation, BTC’s price will go down either way. So, many of them cashed out, and the price dropped anyway.

Then, only days later, Goldman Sachs announced its decision to postpone opening crypto trading desks. Instead, they would focus on other projects, until better regulations arrive and reduce the risks for institutional investors. This has hit the market hard, as many believed that cryptos entering the Wall Street would be the real game-changer for digital currencies. Now, it would appear that it still won’t happen.

These days, many believe that the price was manipulated on purpose and that whoever made the BTC dump, had some insight in Goldman’s trading desk plans. The fact is that the SEC claimed that BTC is still too easily manipulated and that it is not yet time to approve ETFs. According to recent events, it appears that they were right.

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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 own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin about to drop to 4k, how will the market recover?

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It’s no secret that the cryptocurrency market (including Bitcoin) has been under a bearish run since last December 17th and it’s been going down steadily over the previous eleven months. But nobody was ready for the way in which the bears hit the market this November 14th.

It was just insane. The market capitalization for crypto went to its lowest point in a very short time. Bitcoin, which is crypto’s canary in a coal mine (so to speak) dropped below the 5k mark. It’s trading at $4,443 as we write this article and is expected to hit the 4k mark if things keep going in the same direction.

Can the trend change? Is there any good news to report? Any reason to be hopeful? The answers are: yes, yes, and yes.

The trend can and will change. We know this because drops as dramatic as the current one have already happened four times over the last ten years. Every time the market has bounced back to reach previously unexpected (allegedly impossible) heights.

About good news to report. There’s plenty. Blockchain projects like Ripple, Cardano, Stellar Lumens, Tron, and some others have reached impressive milestones this year. They are gaining adoption, becoming useful in the real world and securing strategic partnerships.

Also, even in the bearish climate, the crypto infrastructure has kept snowballing so you’ll be hard pressed to find any place in the world in which you…

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What’s Wrong with Crypto?

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Sponsored by Global Coin Report and ICOsuccess

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Hungry to see the charts bursting with green again?

The purpose of this very short survey is to get your thoughts on what is holding back our industry and collectively brainstorm ideas for turning it around.

We are looking to get a couple thousand responses over the next couple of weeks, and we’ll be sharing the aggregated results with you once we’re done!

Click below to do your share in bringing back a thriving crypto market!

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First crypto ETP gets approval from Switzerland, XRP takes a significant bite

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Bitcoin is currently at the lowest price it’s had in a year and, yet, confidence and interest among the traditional financial industry (which has been very skeptic since it all started) keeps growing at an unprecedented rate. Switzerland, the world’s quintessential banking country, has green-lighted the world’s first exchange-traded product tracking multiple cryptocurrencies.

It will be called Amun Crypto ETP and will go online next week on Zurich’s Six exchange. It’s designed to track five cryptocurrencies and to index their market performance. The five digital assets in question are Bitcoin, XRP, ETH, Bitcoin Cash, and Litecoin.

Having your tokens managed by Amun will set you back by 2.5%. It’s expected for Bitcoin to be responsible for about half of the trade, with XRP doing a quarter of business and the three remaining coins at smaller percentages.

The Swiss exchange parent company is Amun, a fintech company based in London and founded by Hany Rashwan. Mr. Rashwan assured to the press that the ETP is built to meet all the same standards valid in conventional exchange trade used by investors all over the world. Mr. Rashwan added,

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

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