Finally, after days of peaceful, side of the price action, the cryptocurrency market saw on Tuesday a long-awaited move, despite the absence of a clear fundamental news or technical catalysts. But it was not what many expected, the optimists, as Bitcoin (BTC) fell below the level of prices in 6500 dollars after a few days on a widely accepted support.
Although support at $ 6,500. USA has such a large value as the levels in the amount of 6800$. USA or 5800 USD. The US, for example, some technical experts have considered this step as a short-term and medium-term bearish signal, although many industry leaders expect that prices will move upwards in the coming months. At the time of this writing BTC was worth 6 $ 480 per unit, and decreased by 1.8% in the last 24 hours.
However, Altcoins also lost most of the cryptographic assets in the top 10, with the exception of the Tether (of course) and Monero (XMR) , posting losses of 3% or more. XRP and Stellar lumens (XLM) , widely recognized as cryptocurrencies “sisters” is undeniably it was the worst, falling by 8.5% and 6.5%, respectively, in the last day.
While reducing XLM left some investors worried, a drop of 8.5% XRP shocked many investors as a company engaged in scriptactive asset, Ripple has recently announced a series of positive news on their Swell event in San Francisco, which was attended by former US President Clinton on the theme of block chain technologies and the future of humanity. Well-known speakers and participants of the event aside, as attention was drawn some criticism on Twitter Ripple, XRP historically down during the Swell event , despite what you might initially assume.
Crypto Volatility leaves a lot to be desires, the approval of the ETF can change it
Make no mistake, despite the recent surge, but it’s still pressure to sell, which in the last 24 hours has reduced prices on scriptactive assets, volatility in this emerging market has reached extremely low levels compared to previous capital markets.
As shown MarketWatch”s Aaron Hankin , 30-day volatility index for the leading cryptocurrency in the world somehow rises to 12-week low of 2.55%, which is the lowest level of the index from July 10. Moreover, this indicator focuses on volatility, now more than 500 basis points below 8,02% and was the index when the ball fell on new York’s times square.
So you may ask — why the cryptocurrency market have stalled?
Well, a group of analysts Element Digital Asset Management recently sought to clarify the current situation on Cryptocom the market, speaking with reporters Wednesday in a conversation via e-mail.
Justifying the assertion that the relative stability of Bitcoin can be attributed to the adoption of digital asset as a store of value, Thejas Naval and Kevin Lu, Director for portfolio Element and Director of quantitative research, respectively, showed that the theory is premature, citing the fact that BTC is still not widely perceived as digital gold . Turning to another theory, the analysts added that bitcoin and other assets scriptactive not find stability because of the increased level of transparency, but the market “is simply just ran out of juice … it’s getting boring.”
Identifying why this market has become boring, two explained that the rejection of the long-awaited Betkowski ETF is likely to make investors alert, which led to a slower market cycle and less intense price action. But on the other side of the coin, if regulators have approved of this car, dealers Item added that this may signal that mass adoption will lead Bitcoin out of his dream.
Closing the discussion, the Duo wrote:
It seems that everyone is waiting to the side so someone else took the first step in what can be an extremely long game of chicken.