The markets are falling hard today. We are seeing all major cryptocurrencies falling at a rapid rate, way down from their values over the previous 24 hours.
We aren’t worried about this though.
We know what has caused the drop – a decision made by the United States Securities and Exchange Commission (SEC) to delay their impending decision regarding the approval (or disapproval) of a Bitcoin Exchange Traded Fund (ETF). The original deadline was set for this Friday, yet their brief did allow for an additional 45 day extension to be issued, this now seems to be the case and will see a final decision made on the 30th of September 2018.
Even though the SEC haven’t denied the Bitcoin ETF, the markets have reacted very badly to this. Let’s see what’s happened.
At the time of writing, Bitcoin is valued at $6,567.40, down 6.46%. Overall, the progression made by Bitcoin up to $8,000.00 has now been well and truly reversed. Now, Bitcoin is continuing to creep ever closer to $6,000.00 and to be honest, it is at risk of falling below this point into the weekend. Not all hope is lost. Bitcoin dominance continues to climb, standing at 48.6% at the time of writing and moreover, Bitcoin will see correction after this period of downtime. When it does, it’s sure to pull the rest of the markets up too, due to its ever closing grip.
XRP is taking a hit. At the time of writing, XRP is valued at $0.35, down 14.04%. Moving into the $0.30 region is bad news for XRP, it will see some resistance when moving back up past $0.40 meaning the current $1.00 target for XRP, couldn’t really be any further away. Hopefully, this current trend doesn’t fall in line with any pending court decisions regarding XRP, otherwise the impact could be detrimental.
Bitcoin Cash, at the time of writing is valued at $621.82, down 11.41%. Slipping past $700.00 is the result of the Bitcoin ETF decision and also proves that Bitcoin Cash is still holding a value at around 10% of the overall Bitcoin value. This isn’t significant now, but, if Bitcoin flies then we are sure to see Bitcoin Cash jump up to as a result of Bitcoins dominance and Bitcoins shadow.
Ethereum Classic has taken a big hit. At the time of writing, Ethereum Classic is valued at $16.00, down 15.07%. Now this is down to two things, first of all, the trend set by the Bitcoin ETF decision and moreover, it’s as a result of correction. Ethereum Classic has had a good run over the past few days, as a result of a Robinhood listing and the pending Coinbase listing. The good run was sure to come to an end, coincidentally it just so happens that this has taken hold at the same time as the falling markets.
Overall, the markets look bleak. Let’s just latch on to the fact that this isn’t going to last forever.