Price
After a short run upwards BTCUSD turned sharply and began the fall, not managing to hold on the 6250 on the way to 6000. For now, the price fluctuates slightly below 6000 (5950), the fact that the most volumes were traded on the 6000 or lower adds to the bearish scenario. We do not consider the 6000 level broken yet, but all looks like the price could go lower and start testing 5750 (2018 low). To consider a rebound or takeoff from this level we have to see the price at least going back above 6250 during the 24 hours, otherwise, the bearish scenario with testing of 5750 is more probable.
Today forecast
Trading in the 5750 – 6250 zone.
Latest news
After a short run upwards BTCUSD turned sharply and began the fall, not managing to hold on the 6250 on the way to 6000. For now, the price fluctuates slightly below 6000 (5950), the fact that the most volumes were traded on the 6000 or lower adds to the bearish scenario. We do not consider the 6000 level broken yet, but all looks like the price could go lower and start testing 5750 (2018 low). To consider a rebound or takeoff from this level we have to see the price at least going back above 6250 during the 24 hours, otherwise, the bearish scenario with testing of 5750 is more probable.
Today forecast
Trading in the 5750 – 6250 zone.
Latest news
- Opinion on Fall of Bitcoin from Forbes journalist
Why is the bitcoin and cryptocurrency sell-off happening now?
The sell-off currently sweeping through the world of cryptocurrency has been blamed on investors, who last year piled into initial coin offerings (ICOs), often using the ethereum blockchain, bailing out.
As many hundreds of ICOs launched on the ethereum blockchain, it pushed up ether’s price and with it many other major cryptocurrencies.
Highlighting this drop off for investors, a report from analysts at ICORating found the return on investment (ROI) on ICOs in the second quarter of this year was –55.38%, down from an ROI of 49.32% in the first quarter.
This is despite an increase in both the number of ICOs and the total amount raised over the quarter.
Meanwhile, bitcoin and other cryptocurrencies rallied in July on hopes that a bitcoin-backed exchange-traded fund (ETF) would be approved in August by the U.S. Securities and Exchange Commission, a delay on the decision until September has taken the wind from investor's sails. - @billybambrough
- Winklevoss Twins comment about SEC decision and future plans
In a recent interview with Bloomberg, the Winklevoss Twins, the founders of crypto exchange Gemini, opened up about the fallout following the ETF rejection that kickstarted a sell-off in the larger crypto market, which recently accelerated after the SEC postponed its decision on whether to allow the listing of the Cboe VanEck/SolidX ETF.
Tyler Winklevoss, who serves as chief executive of Gemini, shared that while waiting for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors.
Wall Street is taking cryptocurrencies seriously, however, majority of Wall Street firms are still avoiding cryptocurrency market, which remains primarily a retail driven market. This will change over time, brothers state.
Retail investors can currently purchase Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC) through Gemini, with each digital asset fully approved for trading and custody services via the NY State Department of Financial Services (NYSDFS).
While the Winklevoss Twins wait for full-scale Wall Street adoption, cryptocurrency hedge funds and venture capital funds are currently launching at a record pace. Most of the new funds have been launched in the United States, with only one-third being officially registered with the SEC.
