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The market data is provided by the HitBTC[1] exchange.
The U.S. Securities and Exchange Commission (SEC) has postponed[2] its decision on the Bitcoin exchange-traded fund (ETF) proposal by VanEck Associates Corp. and SolidX Partners Inc. The agency is now expected to make a decision by September 30.
The delay shouldn’t bother the investors because the ETF proposal has not been rejected yet, it has just been postponed. However, the speculators and short-term momentum traders who had hoped for a green light, have dumped their positions. As a result, the total market capitalization of the cryptocurrencies is now at about $228 billion, 24 percent down from July 27 high of $300 billion[3].
Though Bitcoin’s price has fallen along with the altcoins, its dominance has inched higher, closer to the 49 percent[4] mark. This shows that the leading virtual currency is still favored by investors, compared to the alternatives. When institutional money starts flowing in, we expect the largest digital currencies to be the major beneficiaries. Therefore, it is best to keep an eye on them.
Will the bear market reassert itself or is this a good buying opportunity? Let’s find out.
BTC/USD
Bitcoin[5] has broken down of the 50-day SMA and is on its way to the critical support level of $6,000. This support has held on three previous occasions. Therefore, we expect the bulls to try to defend this line once again.
