Bitcoin (BTC) once again raised the issue of capitulation selling, as prices pushed down to a lower range ahead of the weekend. Altcoins are now deep in negative territory compared to last year’s bumper months.
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Bitcoin (BTC) made a tradition of having one or two big weekly shakedowns, where the new, lower range is a temporary bottom. BTC prices were dragged down toward $3,400, seriously threatening to slip under the $3,000 range, if the slide continues. BTC reached $3,438.39 as of 11:30 UTC on Friday, and it dominated 55.3% of the market capitalization of the entire crypto sector. During the latest sell-off, the influence of the BTC/USDT pair remained high, accounting for more than 55% of BTC volume. 24-hour activity reached $6.4 billion, higher than usual based on selling.
Bitcoin sentiment sank after another SEC refusal to create an ETF, which was again pushed back for revision for early 2019.
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XRP (XRP) lost more than 17% this week, accelerating the slide, and is down to $0.30. The promises of xRapid still do not manage to boost the price, and XRP slides along with the rest of the market this time. Despite reports of heightened social media activity, the market price is subdued.