Black week: the culprit for the decline is the SEC
Course overview 4-10 August: the market succumbed to pessimism because of unfulfilled expectations for the legalization of ETF funds, the securities and exchange Commission of the United States.
Largest by capitalization of cryptomonad 4-10 August 2018
The price 10.08.2018 07:50 UTC $
Change within the week
4 Aug could be called “black Sabbath” — after the rise of bitcoin is above $8K the market was not supported by positive news and have fallen by ~7%. The trigger was the semi-annual report Goldman Sachs distributed to clients of the investment Bank. The document, among other things, provides traditional horror stories: rates of cryptocurrencies will continue to decline. And here is a market on the weekends is hysterical. Some point, investors still had hopes for recovery, as the market grows so vigorously at the end of July, it could not be a coincidence, and over the weekend the momentum grew, and after them, began to recover and courses. But it was fleeting.
On 8 August, the Commission on securities of the USA has reported another series of shifts dates for the adjudication of the ETF funds who want to run not only a separate investment company, but also exchange, for example, the CBOE. And the market went into correction, bitcoin fell below $6.5 K and now resides in the outset.
Why is the SEC statement on the postponement of decisions on ETF funds caused such a reaction? First, the market was in eager anticipation: all interested in the prospect of the arrival of institutional investors, for which the gate was supposed to open just running the exchanges, and large investment companies ETF-funds.
Secondly, the market is clearly opaque fuss. Recall that in early August, H#T reported one very interesting trend — dramatically increased market share of transactions with bitcoin, the exchange Bitforex — to 60.9%. Bitforex — beginner. This exchange led an inconspicuous existence since February, 2017, may 2018, it was rebranded (by this time BitForex occupied 63rd place in the ranking of CoinMarketCap), then miraculously after a month BitForex was on 14-th position, and in August they went in the first place. And all this, say, by using trans-fee mining, the same that uses FCoin.
By 10 August, the share of transactions with bitcoin Bitforex decreased by about 40%. And by the same date returned in the top three in the turnover of bitcoin exchange FCoin — the cause of the market surge that took place in late July.
And Bitforex, and FCoin — new players in the segment of centralized kryptomere. Instant increase in revs causes a lot of issues. Their arrival on the market has led to rapid growth in the share of transactions with bitcoin via Tether. Usually if this percentage does not exceed 30%, since the end of July (when FCoin shrugged), share stablon Tether in operations with bitcoin does not fall below 60%. Recall that the recent publication of research into the causes of HYIP in December 2017 indicative operations Tether as a tool of manipulation of course.
And one more interesting trend: a growing share of bitcoin in the total capitalization of the stock market. This figure is 4 Aug reached 47.6 per cent — the highest since 20.12.2017. In fact, the market said, “There’s bitcoin and there’s everyone else.” Despite the criticisms of bitcoin is that it is not fast enough and too volatile.
And for a snack collectors of indirect evidence: a study published by the National Bureau of economic research (National Bureau of Economic Research — NBER, a non-profit research organization founded in 1920), which established that the cryptocurrency markets move depending on the type of attention that they receive — that their behavior is different from the traditional financial markets. Take a look at two of the weekly chart, superimposed on each other: courses Bitcoin and the activity of search queries to Google for the same word in the world (picture queries in the US, for example, is quite different from the global).