Cryptocurrency Prices, News and Technical Analysis
- SEC delays ruling on Bitcoin ETF.
- Market sentiment turns increasingly weak, weighing heavily on the space.
Cryptocurrency Prices Slump 10%
After a period of quiet consolidation, a decision by the SEC to delay a ruling on the proposed VanEck/SolidX Bitcoin ETF until the end of September. While not a complete surprise, the market took the news badly and sold-off quickly. Most cryptos are now either near or on important support levels, which if broken could see further double-digit losses in the near-term. Some coins are now likely to give back all of the December-January surge.
Overall market sentiment remains weak with any rebound/rally seen as a clear opportunity to sell long positions or open shorts. Overall turnover is low – aiding sharp price moves – while the market as a whole is now valued at $230 billion, the lowest level this year and down from the $830 billion all time high.
Bitcoin (BTC) Daily Price Chart (November 2017 – August 8, 2018)
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Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
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IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.
What’s your opinion on the latest market crash? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at [email protected]
— Written by Nick Cawley, Analyst.