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Trends tend to be reversed. The year 2018 saw Bitcoin (BTC) demonstrate both its volatility and its bearish nature. However, the second half of 2017, the crypto community has witnessed the opposite. What is the rest for 2018 in reserve?
Bitcoin Last Week
The price of Bitcoin 0 0 rebounded because of FUD concerning a hacking on Binance and positive news about Coinbase's announcement by Coinbase Keep. The launch of the service has been excellent for the crypto-community as institutional capital will now have an easier way to enter the market.
This will not only bring more legitimacy to the market, but it will also help increase prices through increased demand. . Unfortunately, just after the positive announcement of Coinbase, FUD came out of every corner of the crypto-communities reporting channels of a hack on Binance. Although there was an unethical trading strategy with the SYS token, it was not really a hack and the funds were "safu".
Binance came out of the FUD unscathed because they were not at fault because they were proactively managing the situation as one would expect. Even so, whenever there is widespread news of a hack on a large stock market, the public sentiment is rapidly plummeting with the price of Bitcoin.
This is where Bitcoin started this week. While trend analysis tools have moved towards the end of the bear market, they may unfortunately decide to remain bearish until early August.
The cryptocurrency market had lost twenty-two billion dollars in valuation (all cryptocurrencies combined), Bitcoin fell to less than $ 6,400. Frequently, when such a downtrend trend begins to emerge, a corrective recovery hits the market. However, this was not the case this week.
In the last 24 hours, the cryptocurrency market has not shown any positive dynamics that would suggest such a corrective recovery. On July 10, Ethereum 0 0 experienced an unusually large decline, losing more than 5% of its value against the US dollar.
While most cryptocurrencies, large and small, tend to follow the current trend of Bitcoin, the current decline in the value of ETH might not be correlated to Bitcoin because ETH has other problems. (MyEtherWallet (MEW) and the Bancor scandal).
Although this negative news relates more to Ethereum than to Bitcoin, the general public tends to view the crypto-market as a whole. When large cryptography has negative news, it affects the entire area.
An Optimistic Future
Blockchain technology continues to show a growing number of societal applications and more and more countries continue to adapt to this evolving technological world. Today & # 39; hui. Positive events and news continue to emerge by discussing the regulatory infrastructure surrounding cryptocurrencies in major markets and countries such as South Korea, Japan and many others. Recently, South Korea has recognized that crypto-currencies and blockchain companies are legitimate industries.
Major exchanges in the United States, such as Coinbase, have developed solutions that make it easier for institutional investors to access the crypto-market. Coinbase has more than twenty billion dollars in cryptocurrency on its market and a user base of more than twenty million on its platform. After seeing the profits on the market, these giants are likely to join the market and pump their financial resources into crypto-industry.
As the Custody service of Conbase just launched last week, institutional funds have not had time to enter the market yet, and therefore, the market has not shown a reaction from a massive influx of capital entering.
However, the most important date in the next three months for the entire crypto space is indexed for SEC audience on Bitcoin ETFs are scheduled for mid-August.
The CBOE has requested that ETFs be allowed to enter BTC directly (which is very different from future contracts). When the CBOE received approval to start trading BTC futures last year, BTC closed its bear market and rebounded from less than $ 2,000 to $ 20,000
<img class = "aligncenter wp-image-52620" src = "https://insidebitcoins.com/wp-content/uploads/2018/07/bloom-cboe-1024×640.jpg" alt = "] SEC has denied any request to participate in the ETF market for the previous eight years, and they approve the CBOE (which should be expected given that the CBOE has met the strict requirements set by the SEC is probably the same trend as last year.
The SEC refused to previous applicants of the ETF Due to their lack of insurance and their lack CBOE has met both of these requirements: if the SEC were to approve a portion to begin the purchase of crypto ETFs, who better than the CBOE? could begin to rebound due to the entry of ETFs into the cryptography market, with hundreds of billions of dollars in institutional currency.
While the crypto-community wants to rebound and that there are many reasons to be optimistic, the market still shows a strong downtrend. Continued global awareness and acceptance will lead to more successful projects and decentralized applications from the blockchain community, which will result in an increase in Bitcoin value.
As more and more cryptos prove to be safe, transparent and successful, they are likely to be a rally in the coming months. Experts predict that this rally will not occur until the fourth quarter of 2018, unless the SEC approves the ETF's entry into the crypto space (if I do not see it). was a betting, I would say that the CBOE meets the strict requirements of the SEC.)
To read the previous articles of the King, to find out what ICOs he is currently recommending, or to get in touch directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and daily reports). This is not an investment advice and it is always recommended to you DYOR.
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The post-Bitcoin downtrend may soon have appeared on Bitcoinist.com
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