At the end of August, the bulls dropped the hammer on bitcoin
By the end of August, the market calmed down at low levels — roughly those in which he rested in the beginning of the month. Yes, this is not an attempt to break below $6 000, as it took place in mid-August, but not rapid restart that occurred July 20-24, when the same bitcoin soared above $8 000.
August 20-21 were waiting for good news from the securities Commission USA (SEC) about the agreement of a pack of crypto-currency ETF funds. And early in the morning on 22 August, after rumors about the possibility of a positive decision began quite encouraging growth. But on August 23 he choked and went under — SEC rendered a decision of refusal. There were rumors that the growth of 22 August was supported by negative expectations from the introduction of US sanctions against Russia — at the expense of the flight to scriptactive. But this factor was not particularly noticeable. More growth August 22, largely stimulated by the inflow of resources in the Fiat on the Korean local stock market, and less nervous reaction in Russia.
Saturday, August 25, the market began to grow, but, alas, at a very low level of turnover. On their Saturday performance and released courses by Monday morning, August 27. Although there are exceptions — they are below.
Largest by capitalization of cryptomonad 20-27 August 2018:
The price 27.08.2018 08:40 UTC $
Change within the week
Sluggish drift? Not at all. Bitcoin showed an increase for the week to nearly 4% — and this is a manifestation of the flow of assets in cryptocurrency No. 1, its share in capitalization is growing and has now reached 53.2 per cent. It is close to a record this year record.
However, the record of growth over the week — coin IOTA, which has grown by 14.44%. And all because two pieces of good news. Program Manager competence center “Industry 4.0”, Fujitsu, Leopold Sternberg stated that IOTA will be used for the control of supply. And anyway, he said that “…the product quality is a critical success factor for the manufacturing industry.
Assembly of finished products may require the use of hundreds of components whose production is based on complex processes. For audit studies in industrial manufacturing environments and supply chains IOTA provides a single source of verified information.”
And IOTA on August 25 released a public beta version of its new wallet Trinity — which was also taken positively by the market.
Another coin — TRON increased by 4.03% over the week. The reason — the act on the distribution of bonuses for joining its network. In addition, the market expects the announced on August 30, start TVM — Tron Virtual Machine, it will be possible to develop, manage and run decentralized applications TVM and smart contracts are the same as in the EOS system. However, as stated ecosystem TRON will be compatible with Ethereum virtual machine. But, unlike the virtual system Ethereum, TVM will not require payment for use, as stated by the developers.
Front — rich market news September. The FATF’s decision regarding the principles of regulation of scriptaction, the decision of the SEC in respect of the stated number of ETF-funds — all this will affect the market in the coming weeks. As well as technological news. Summer was sometimes enough only one strong technological news to altcon soared by ten percent or more. And probably will remain a high share of BTC in the total capitalization of the stock market.
Tether and Bitforex continue to dominate
And finally, the news is very forward — market wants to understand the causes of the rapid growth in the share of the Tether in the back of the cryptocurrency, which periodically exceeds 80% and not fall below 70%, severely squeezing operation of crypto-currencies in pairs with Fiat currencies. Even if you consider that the stock market is only half of the direct deals marketplace is still a growth USDT looks alarmingly due to its role in the bitcoin Pampa in December 2017. Also, the market expects a clarification of the reasons for the rapid rise in the share exchange Bitforex exchange-traded — it is almost always over half of the world’s trading volume. Both factors — the dominance of USDT and Bitforex, cause fear and are wary in view of suspected high risk of manipulation of exchange rates and trading volumes.