Market overview, July 23–29
Previous week was one of the calmest in the last few months. Having made a takeoff towards the $8500 markpoint on Monday and Tuesday, Bitcoin went flat for the rest of the week. There was a small nervous correction that bounced back very quickly. On Sunday evening Bitcoin was trading just a little above $8200. The volatility of most assets remains extremely low. Thus, for example, Ethereum price changes within 8–10% in a week and the XRP price within 5%.
Market total cap tried the $300 billion level, but customers’ enthusiasm ended at that point. Bitcoin dominance index exceeded 47%. And taking into account the weakness of the altcoin market, it will reach 50% soon.
In the middle of the week investors got a bit worried about Bitcoin-ETF because of the controversial information. It’s true that SEC rejected some of the proposals. For instance, the application by Winklevoss brothers, the Gemini exchange founders. But it can be totally different with the applications filed by CBOE’s VanEck and SolidX. We assume that these proposals are very likely to get approval. It would be more profitable and secure for SEC to approve the ETF by a respectable and reputable company. CBOE’s ETF guarantees investment insurance in contrast to all other applications. It’s highly important for SEC whose goal is to protect investors. Moreover, this ETF is claimed to set Bitcoin price depending on OTC trade index. Major investors prefer off-exchange trades having high-volume trades at the organizations known as OTC Trading Desks. Such trades are believed to have almost no price manipulations.
Anyway, Bitcoin-ETF attracts a lot of attention at the moment and can even provoke fake news in the media. We recommend to retain from rushed conclusions and news-based deals. Cryptomarket is volatile, but the long-term trend is facing upwards. Despite the negative price dynamics in 2018, the number of cryptocurrency funds is growing. According to the Autonomous Next research, by the beginning of July the amount of cryptofunds reached 312. In total, these funds manage $7,5-$10 billion in assets. Most of new funds were open in the II quarter. To compare: in 2016 there were 56 cryptofunds in the world; in 2017–251 funds. All these funds should satisfy demands of the growing number of customers. According to the recent Wells Fargo survey, only 2% of Americans own Bitcoin. Less than 1% shared their intention to buy Bitcoin in the near future; 26% mentioned that they were interested in this asset but were not going to buy it. It’s impressive that 26% of respondents are pretty well aware of the cryptomarket. How soon will they be joining 1% of those who was going to buy Bitcoin? ETF might bring this moment closer.
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Tokenbox YouTube Channel: https://www.youtube.com/channel/UC6042bTB5UCk5atwqXGf80g
Telegram: https://t.me/Tokenbox
Facebook: https://www.facebook.com/Tokenbox/
Twitter: https://twitter.com/tokenbox
TBX on EXCHANGES: YObit: https://yobit.net/en/trade/TBX/USD
Bancor: https://www.bancor.network/communities/5a2ff27c4f1311000100b9e8/currency IDEX: https://idex.market/eth/tbx
