Even though it was a red week join me in analysis of why the pessimism might be a good thing, to take the medicine upfront and what could be the next boost if it is not ETFs?
Well, in one week, most of the recent gains disappeared and the sentiment was generally spooked. Most of the top 100 have been in the red with only seven in the green, and within those, a couple might not be real performers but maybe manipulation.
What is going on? Well, as we came out of last week with a general pessimism after the Winklevoss twins getting knocked back for their ETF approval, all eyes were moving towards this week when a decision on August 10 is expected on another ETF product. However, market sentiment appears to be moving towards thinking that this is slipping to Q1 2019 and found nothing to lose by playing the pessimistic card. With that in mind, also earlier in the week HitBTC exchange going offline started a minor panic for a short period with the market expecting another hack. And then, just to finish a good week off, our friends at Okex exchange liquidated a futures bet due to the client not meeting his obligations on a $ 400 million contract.
Find out in the video, if ETFs are not going to provide the boost, what other near event might have the same effect?
Bitcoin slipped by 13% this week, and Ethereum, similar story but not as heavy, around the 11% level and now struggling to stay above $ 400, maybe. XRP, loads of positive purchased PR in the week, maybe this helped them cushion the bigger losses, keeping their drop below 5% and hovering around 43 cents.
Join me for a full market analysis, where are the biggest movements, why? Are they real growth/loss or pure manipulation? Who has bucked the trend this week?