Yesterday, the volume of BTC and the rest of the crypto market have dropped substantially since late July, by more than 30 percent. Given the failed recovery of Bitcoin’s volume and the overly strong downtrend of the crypto market, CCN reported that the price of Bitcoin will likely drop to mid-$6,000. “The overall demand for crypto has declined in the past several days and market activity has subsided. From here, if the volume of BTC fails to pick up and rebound to $4 to $5 billion in the next few days, a drop to mid-$6,000 is inevitable, which may play into to the prediction offered by BitMEX CEO Arthur Hayes last month,”. Factors and Trends
Many investors and analysts have attributed to the sudden decline in the price of BTC on August 8 to the decision of the US Securities and Exchange Commission (SEC) to delay the approval of the Bitcoin exchange-traded fund (ETF) of VanEck and SolidX.
Under normal circumstances, most analysts would have claimed that the delay of the VanEck-SolidX Bitcoin ETF was expected and the foreseen decision of the SEC to delay the approval of the VanEck SolidX Bitcoin ETF is simply not enough to trigger such a steep fall in the valuation of the crypto market.
However, in leading cryptocurrency exchange markets such as Japan and South Korea, so-called “influencers” and “traders” have been establishing a narrative around the VanEck and Cboe Bitcoin ETFs, boldly claiming that the Bitcoin price will achieve previous highs in August, upon the approval of the first Bitcoin ETF.
Especially, in South Korea, widely recognized traders and cryptocurrency researchers with hundreds of thousands of subscribers and followers on social media platforms such as Twitter, Facebook, and YouTube have been claiming that the SEC’s decision in August will lead to a large spike in the price of BTC.
It is possible, given the massive hype and false hope created by many of these influential traders and researchers, that the market overreacted to the delay in the approval of the VanEck-SolidX Bitcoin ETF.
#OTD Atlantic Southeast Airlines Flight 529, an Embraer EMB 120 Brasilia, attemt to divert to West Georgia Regional Airport after the left engine fails, but the aircraft crashes in Carroll County near Carrollton, Georgia, killing nine of the 29 people on board.
Pictured: An Atlantic Southeast Airlines Embraer 120ER Brasilia, similar to the aircraft involved in the accident.