The bears took the market recovers, and bitcoin all won
The downward trend that began in early August, continued this week. Was a local failure on Tuesday, August 14, but the next day the rate rebounded. Again we see a sideways trend, but at levels lower than a week earlier. Only two coins have lost significantly less than other bitcoin and Stellar. Why? We understand.
Largest by capitalization of cryptomonad 11-17 August 2018
The price 17.08.2018 06:50 UTC $
Change within the week
August 11-12, the market has met with moderate expectations after another subsidence. The revs dropped, courses fluctuated in a fairly narrow range. The main new factor was that the August 6-8 exchange Bitforex began to control almost half of the exchange turnover of bitcoin. The phenomenon, however: really trade in this area began in the last days of July, and that’s such a jerk. And each of the other major sites — Binance, OKEx, Quoine, Bitfinex and Huobi accounts for between 2% to 10% of turnover on bitcoin on different days.
Another interesting factor is the cryptocurrency transactions on the stock exchanges switched to buying and selling through the Tether. And bitcoin does three quarters of the turnover has to deal with the Tether.
The situation looks like a manipulation of course. This became especially obvious during the collapse of August 14 on Tuesday, when began a great sale amount of cryptocoins and the flight into Bitcoin of altcoins. Obvious reasons for the collapse were not. Yes, analysts relied on the reasons of falling on news that the securities Commission of the USA has postponed the infinity harmonization ETF funds tied to bitcoin. But this news was already nearly a week, the market took that in the fall of 7-8 August.
On Tuesday, not only altcoins fell, but he BTC slowly went downward, breaking below $6 000 per coin. The picture looked so that investors directly through the Tether and go in bitcoins, and they partly sell for Fiat currency in the OTC market.
Due to the fact that altcoins have shown during the day on Tuesday to Wednesday, the fall of double-digit magnitude — more than 10% per day, bitcoin has fallen only moderately, the share of the main cryptocurrency exceeded 53% of the capitalization of the cryptocurrency market.
However, on Wednesday, August 15, the restoration began. It accelerated on Thursday, August 16, but then slowed down. The highest rate of recovery showed Ethereum Classic on the news about the inclusion of this coin in the listing of the exchange Coinbase.
Stellar grown in the news that SHIFT Markets announced a new partnership with Lightyear, which, together with continued implementation of technology Stellar to Finance, including for cross-border transfers.
If Ethereum and Stellar Classic is more or less clear, where optimism about bitcoin?
But the fact that while the market was crying about the news about the delay with check in USA ETF-funds tied to bitcoin, there was news of a mild alternative to this tool. Works in Stockholm NASDAQ OMX Stockholm, where under the sticker CXBTF trading tool Bitcoin Tracker One — day note that from 15 August it became available to the American investor for dollars. This tool (the sticker on the Bloomberg — COINXBT:SS) is quite old by the standards of the stock market — he is quoted on the Swedish stock exchange from may 18, 2015. Anyway — this is the first derivative paper on bitcoin in principle. Particularly interesting this tool is the fact that it is traded on the Swedish subsidiary of exchange group NASDAQ — the same one whose representatives two weeks ago had a covert meeting about the market scriptaction.
What’s next? The market is waiting for at least some good news — technology, from the regulators, but at least about reincarnation Satoshi. And $6 000 — Yes, it is very similar to the level of support for bitcoin.