The overall market sentiment in the crypto market is bearish, but yesterday the cryptocurrencies sell-off intensified. Are the major cryptos like Bitcoin and Ethereum dead?
15 August, AtoZMarkets – The crypto market sell-off intensified on Tuesday with the growing concern of investor panic on the leading cryptocurrencies Bitcoin and Ether, due to a number of negative developments.
What has caused the cryptocurrency sell-off?
The crypto market has been under pressure for months amid growing concerns about potential regulation and the security of digital transactions. On top of this a few South Korean crypto exchanges also experienced data breaches in June this year. Consequences are that the crypto market has shed more than $600 billion in value since February, whilst the major cryptocurrencies dropped significantly in value.
Also in recent days, the crypto market took another hit. Especially after the SEC delayed its decision to approve the first Bitcoin ETF last week. The approval of the SEC would allow investors to back Bitcoin without acquiring their own tokens. Now this ruling is expected to come at the end of September 2018.
Analysis and Forecast: Are Bitcoin and Ether dead?
Yesterday, the largest and most popular cryptocurrency, fell below the $6,000 barrier for a brief moment. The drop was about 3 percent. As of now, it is trading back to $6,372, after a starting yesterday afternoon. Since December 2017, Bitcoin has steadily lost value, when it hit its all-time high price of more than $19,000.
The second-largest cryptocurrency, Ether dropped even more in value, with a loss around 10 percent Ether plunged to $260.47 on Tuesday afternoon.
Currently, it is trading back to $283.94, but compared to last week this still marks a drop of over 20 percent. The crypto market sell-off coincides with concerns that investors are “cashing out” the digital currency to cover business expenses. Yet, what can traders and investors expect next? Are Bitcoin and Ether on their path of extinction? 7marketz Inc. Co-Founder, Yagub Rahimov has shared his forecast and analysis in the video above. Should traders look at the $156 target? Tune in and find out with AtoZMarkets’ weekly market analysis videos and news.