The crypto market has continued its 2018 bearish trend when it fell to a new 2018 low yesterday.
Last month Bitcoin looked to mount a challenge to the $10k mark but it now struggling to stay above $6k. Ethereum dropped to its lowest price since September 2017 and is now priced at around $260.
Ripple’s XRP is far from its high of over $3 at the start of the year as it has fallen to $0.26. Bitcoin Cash is currently at $488.
The latest drop in the crypto market occurred after the US Securities and Exchange Commission (SEC) decided to delay a ruling on an application for a Bitcoin exchange-traded fund (ETF). Many believed the application for a Bitcoin ETF would see a flood of institutional investors joining the market sending prices higher. Whilst this news may have been the start of a drop I do not believe it is the sole cause. The crypto market has been struggling for a while and whilst the future still seems bright for crypto, this bearish market could continue for a while yet.
Crypto is meant to be revolutionary and not just a way of making quick money. I’m still of the view that prices will follow for the cryptos which can show real world use and benefit. We are still at very early stages.
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