It’s not even Friday and already we’re looking into a black hole filled with figures in red. The week started with such promise and crypto owners breathed a sigh of relief only to wake up today and find the air knocked out of them due to the $20 billion wiped off the value of the crypto market in one blow.
And the worst thing is; nobody can pinpoint a cause. It’s like an act of God, which nobody is ever insured for. Some think it might be the fault of Goldman Sachs, because it has dropped its plans to open a cryptocurrency trading desk, but most agree that couldn’t have produced such a dramatic effect.
Some suggest, it’s a benefit in disguise, suggesting it’s a bull trap and that the market is bullish overall and all we need to do is wait for November. That’s the magic moment when everything will look bright again.
Some of the biggest losers are: BitcoinDark, which is down 20%, NEO Gas down 18%, Siacoin down 17%, PIVX down 16%, and EOS down 15%. On the upside, Dogecoins are only down 2% and bitcoin lost around 5%. Not too bad by comparison with the others.
We hope that tomorrow brings better news. Most of us owning crypto assets really hoped that the summer months would see a stronger market, but instead it has been decidedly lacklustre. Let’s hope the predictions of more buoyant fourth quarter come to pass, although there is one definite positive to hold on to: the crypto market still exists and bitcoin hasn’t gone the way of the dodo as some in the traditional finance sector have long claimed would happen.