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Bitcoin Suffers a Massive Blow
After doing fairly well for a couple of months, it appeared as though Bitcoin had finally entered the realm of long-term stability. However, that was not to be the case since after crossing the $6,600 threshold just a couple of days back, the currency has one gain dipped below $6,300 mark. As a result of this, the worldâs premier digital asset has lost over 4.65% of its relative value in less than 24 hours.
Bitcoin has not been the only casualty of this recent bear attack, with most of the other top 10 altcoins such as Bitcoin Cash (BCH), EOS, XRP, Stellar also observing losses of more than 10% during the aforementioned time frame.
What Does the State of the Crypto Market Look Like Right Now?
According to a study released by Chainalysis earlier today, Bitcoin Whales are not responsible for this latest volatility episode that we are witnessing right now. Instead, the study points out that the whales are part of a âdiverse group that comprises of a majority of tradersâ.
While it cannot be disputed that these whales have the ability to execute large enough transactions to swing the price of various assets, they have, on an average âtraded against the herd, buying on price declines.â
In other news, investors are still eagerly waiting on the U.S. Securities and Exchange Commissionâs (SEC) decision to approve of a closely-watched bitcoin exchange-traded fund proposal. If approved, many believe that the market as a whole could be injected with a fresh new level of investor confidence.
Final Take
It is a well-known fact that the NYSE is all set to launch its very own cryptocurrency trading platform, Bakkt, later this year in November. However, with the state of the crypto sector being in a sort of limbo right now, especially with all of the regulatory restrictions being placed on the alt-asset domain, it now remains to be seen if this latest bearish sentiment is here to stay for the long haul.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.