Crypto hits new low of 2018
The whole crypto advertise is by all accounts acting like one major pump and dump right now. A short rally sent Bitcoin moving more than 25% in July just to dump everything again on a foreseen declaration by the US Securities and Exchange Commission.
Crypto intellectuals and industry specialists had just cautioned that the probability of the SEC affirming a Bitcoin ETF this year was low. However freeze has cleared over the crypto circle indeed as dealers couldn't dispose of their computerized coins sufficiently snappy.
The resultant FUDfest has made markets tumble to their most reduced levels in 2018, which was $229 billion two or three hours prior as indicated by coinmarketcap.com. This beats the past low of $233 billion on June 29 and the one before that of $244 billion on April first. The new lower lows show that we are as yet not out of the bear showcase and the down pattern may well proceed.
While Bitcoin has lost right around 70% since its high of $20,000 before the end of last year it is the altcoins that have endured more. BTC is as yet higher than its value levels this time a year ago yet a large number of the altcoins are relatively back to those costs wiping out a whole year's increases.
I believe the fact that the market is reacting so much to these ETF news is a sign of an immature market. It seems people are too dependent on news and other people's thoughts and fail to believe that they see real value themseves. People have trusted cryptocurrencies before without even considering ETFs, so I find it weird that everything seems to depend upon the approval of them now.
On a side note:
Looking back, Bitcoin Cash strikes me as a clear winner, its price still higher than the beginning of November last year. Knowing that it would eventually be added to Coinbase and because of extensive advertising from bitcoin.com, I was pretty confident that it would get huge gains. I was also pretty sure that it would be the first coin to be left in the case of a bear market, but it has kept its value pretty well. Let's hope for better times in the not too distant future.
Back at the point again where the crypto hits it's all time high well hopefully it will be up if not then only patience will save
Its been a blood bath since February
Great post is the best cryptocurrency
Thanks