It doesn't take just good news to take Bitcoin's price up. It's August...

A new low has been just registered, today, for the crypto market capitalization at $227.8 billion according to coindesk. The market not only that it hit its new lows for the year, but the whole market cap is back to the value that it had back in November last year and the plunge might be happening due to SEC's decision of postponing its decision on VanEck/SolidX Bitcoin ETF till September, this year.

Now that's the bad news that squeezes money out of the market. But other than that it doesn't seem to be any reason for the market to dip...again, as I already pointed out in my last post. There's a lot of adoption and promising news around BTC and other major cryptocurrencies that usually take the prices up. But not this time around... and it might be a reason for that happening. One that came out to me long before today, but haven't stubbornly listened.

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However this new dip is a bit different from the others and it makes also a lot of sense for an always maturing market. Despite the lower market cap that we see on this new lows there's something that the big cryptocurrencies benefit of and is higher prices than in previous lows that I am talking about. This time the main cryptocurrencies haven't lost an equal ground, if I may call it this way, comparing with the other ones while the "cheap and trusty ones" might have lost lots of their money for others gain. Simply said it seems that money are getting out of the market into fiat, but also out of shit coins into "real coins".

That I see as a good sign for the market and definitely an important step in serious rooting for Bitcoin and some other major cryptocurrencies for the long term. Cryptos that have something to offer, after all. But why did it all happen in August and not before? Well, there was some serious sell off in the past months also, but it seems August is the driest month by now and there's a reason for that. A reason that belongs to some friend of mine who fried himself many times in crypto before, learning the lesson.

According to his statement, August is the month for vacations and many trading companies might take out their profits and pay their employees some vacation money. Something that makes a lot of sense, for me, and that I should have been aware of before, as he told me about this since July. But no, I'm stubborn and I won't get into USDT because it doesn't fluctuates so here I am watching my coins falling and having no clue where that dip will be. I admit, I am afraid of loosing the new strong wave that I am waiting for more than half a year. He said that he saw this trend for years and that January-February and August are always strong sell-off months, but I refused to believe this year will repeat history so I'm stuck with a red blooded portfolio. What about yours, how's hanging through these hard times?

Thanks for your attention,
Ace