August continues to be a terrible month for the cryptocurrency market. Over the past five days, the market has lost billions of dollars in value despite a series of positive developments in the sector.
$ 43 billion decline
Between Wednesday (8 August 2018) and Sunday (12 August 2018) the cryptocurrency market lost about $ 43 billion. Over the weekend alone, the loss was as much as $ 8 billion as the prices of many cryptocurrencies have been considerably reduced.
The reluctance of the US Securities and Exchange Commission (SEC) to approve a Bitcoin ETF has eroded most of the positive feelings that In July 2018, the SEC denied the Winklevoss ETF, postponing another pair, including the VanEck / SolidX deposit.
Apart from the inflow of Asian money, particularly from China, following a significant currency devaluation, rumors of an upcoming SECC ETC approved ETF have contributed to the steady price march that saw Bitcoin eclipse the figure of $ 8.400. However, after the series of delays and delays of the SEC, the price of the first-class cryptocurrency dropped significantly to reach a minimum of three weeks at some point.
Currently, bears are on the rise, and some analysts predict that Bitcoin could test a new low of $ 5,000 for 2018. However, the recent inflow of $ 50 million USDT could help stabilize Bitcoin. In fact, the price of BTC has reacted quickly to the news and is currently trying to push over $ 6,500. At the time of the press, BTC is still struggling to maintain authorization above the resistance level of $ 6,300
The economic crisis in Turkey could stimulate the recovery of the cryptocurrency market
another development, the economic crisis in Turkey could offer new opportunities for an increase in Bitcoin and, indeed, for the enthusiasm of cryptocurrency. With the Turkish Lira currently in the middle of a downward spiral, there is an increase in cryptocurrency in Turkey.
Some of the country's largest cryptocurrency bursts report a 63% increase in Bitcoin trade volume. If the situation persists, then another price spike of July 19 may not be completely impossible. The absence of any cryptocurrency prohibition in the country means that there is little to stop the influx of money into the Turkish crypts market as the economic crisis deepens.
Do you think that the situation in Turkey will contribute to a positive growth in the cryptocurrency market as citizens probably use the market as a hedge against economic uncertainty? Continue the conversation in the comments section below.
Image courtesy of Coinmarketcap.