The total market capitalization is 107 billion dollars, which is one of the lowest levels that I have seen since September last year. It is noteworthy that in just one month capitalization fell from $ 219 billion to $ 109 billion. Over the past 24 hours, the entire market, except, perhaps, Bitcoin SV, is in a strong decline. Ethereum has reached $ 88, I have never seen such a thing. The volume of trading per day amounted to 16.3 billion dollars, a rather high figure with an overwhelming number of sales. Growth is mainly steblecoin. What’s happening?
SEC postpones the decision on the application for ETF Bitcoin from VanEck once again
This is the main news for today, it is not surprising that we see such pressure from sales, because the adoption of ETF was the last hope of market participants for a bullish trend. Let me remind you that this event occurred after the transfer of the launch date of Bakkt to January 2019. It is worth noting that the commission did not reject the application, and this is already good. However, this news, coupled with the rest of the negative news, caused a chain reaction in the market from levels of $ 3,800- $ 3,700. Even if the main sales volumes did not come from individual investors, they are now starting to panic and think about leaving the market, because not well versed in the market. When I first came to the market, I didn’t understand what was going on around me, I just opened some positions hoping for growth, and when I fell I didn’t understand the true reasons.
The SEC member advocating cryptocurrency calls not to wait for the adoption of the ETF, as this can happen in a few years. (source)
Hester Pierce, known for her positive rhetoric about cryptocurrency, said investors should not hope to accept the ETF in the SEC, as this can take a long time. According to her, the commission may accept the application tomorrow, or in a few years, and cannot clearly define the time frame for this process. They are still analyzing reviews, a large number of which have received recently. No additional information has been received regarding the revision of previously rejected applications.
The release of the above news influenced the price, and it went below the main volumes of trade at a higher speed, but the process itself started earlier. Thus, it is possible to follow the manipulation, since it is obvious that certain people knew about them until the moment of publication. The overall outcome of the situation was the arrival of prices to the level of ~ $ 3,300.
If we consider higher timeframes, then the price can go down to the next zone with high volumes of ~ $ 2,800.
Ethereum costs $ 86, can you believe it? A further decrease will bring the price out of the zone with high volumes and will accelerate the fall. Bears are in control, and even good purchases do not greatly affect the price.
Hope in the market in 2018 has dried up and the market looks dead this year. However, 2019 will show itself much better. Reducing prices makes them attractive to institutional investors when the necessary set of financial instruments appears. At the moment, everything looks like manipulation for future purchases.