Cryptocurrency is notoriously a “tough neighbor hood,” as even evergreen Bitcoin bull Tom Lee has put it. After a week in which double digit losses wreaked havoc on many high profile cryptoscurrency, and Bitcoin momentarily fell through the USD6,000 support, pitiless bearish sentiment has been circling, with some accusing the top coin of being “exhibit-A” in a “permanently impaired or even game over” market.
While Bitcoin may have posted 2018 lows, Ethereum also plummeted to an 11 month low to trade at around USD254, falling by as much as 20% on August 14 alone. That same day, total market cap collapsed by USD13.2 billion back to late November 2017 levels.
VC investor Tim Draper told Cointele-graph in an email that these vertiginous swings are exactly “why made prediction for 2022:”
Bitcoin dominance or BTC percentage of total cryptocurrency market cap continues to break 2018 highs. As of press time it is at 53.3%, levels not seen since mid December 2017, just before the coin hit industry records to trade at USD20,000.
With alts undeniably ravaged, others have been puzzling why even at a time of international currency crises, BTC itself is yet to rally this, surely, should be a bullish time for the top cryptocurrency? However, Bitcoin has notably failed to hold a recent breakthrough in late July when it was trading just shy of USD8,400.
US Regulators Dithering Over BTC ETF Approval
E.T.F — 3 letters anyone who’s been plugged in to the cryptosphere has probably had swirling around their head in recent weeks.
Crypto-Compare CEO Charles Hayter yesterday proposed that the week’s market decline was a ricochet off the back of U.S. regulator recent decision to shelve a high profile application for BTC exchange-traded-fund until September. He said:
"This has been momentum based selling following the ETF kickback and the usual gyrations of a market in a depressed mode."
Mr. Sayed, chief market strategist at FXTM, meanwhile suggested that:
"If an ETF does not see the light in the coming weeks expect to see a further sell off, as it suggests regulators will continue to fight against bringing crypto-currencies into the mainstream."