Just when you thought Bitcoin hitting $3600 last week was bad, then today must be a really bad day for you.
This morning Bitcoin reached a new 15 month low of $3,293.31, a whopping 10% drop over 24 hours. Bitcoin hasn’t seen these lows since September of 2017, and the bears are eager for more. Bitcoin is down 20% this week following its total 37% drop during the month of November.
Bitcoins price is directly tied to most other major players in the crypto market. Because of that almost all other coins have suffered significant losses. XRP is down 9%, ETH is down 11.5%, XLM down 15% and Tether is holding strong at just over a dollar.
Bitcoin SV experienced a price anomaly yesterday that no one saw coming. BSV spiked up to $113 from $89 in under a 24 hours period and has since begun a downwards spiral. BSV at time of writing is back down to $98.
No ETF for Bitcoin
Bitcoin’s most recent ETF application review period has been extended till February 27 2019. This announcement came from the SEC yesterday and came as no surprise, but it still had a large effect on the market. Historically speaking, every time a Bitcoin ETF is denied or delayed the market experiences a large drop. Yesterday was no exception.
It’s expected that Bitcoin’s ETF will once again be denied come February, which will once again likely affect the market. An ETF for Bitcoin would greatly increase its liquidity and lower the counterparty risk among other things.
With the market already suffering from what has been deemed the ‘crypto winter’, another failed ETF is sure to only further induce the ‘crypto winter’. Many analysts are weary the 2019 will not bring any life back into the market as many people speculate that a ‘V-Shape’ recovery is unlikely.
Others implore you to remember that Bakkt and NASDAQ will be entering the market in early 2019 and that this could possibly result in market recovery. But what’s the point of these major players entering the market game, if crypto is heading to zero?