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The wave of sales may last

Aug 15, 2019

This week began with a strong enough wave of sales in the cryptocurrency market. It is a bad signal for buyers. According to CoinMarketCap, market capitalization decreased to $257.5B, while the share of BTC decreased from 68.6% to 68.2%. It should also be noted that the main coins fell off under crucial technical support levels. So BTC is trading below the psychological level of $10000, while the price of ETH has overcome critical support at $203. It increases the likelihood of a further decline.

All 14 coins with a capitalization of more than $1B show a negative trend, over the last 24 hours and the previous seven days.

There are no obvious fundamental bearish factors for the development of such a powerful wave of sales. Most experts cite the unwillingness of BTC buyers to continue growth. As you know, everything that does not grow falls. Bearish sentiments have been observed since the end of last week, but only this week, there were several powerful stages of sales. It could occur due to profit fixation on previously open long positions. It is also necessary to take into account seasonal factors – the vacation period.

This factor is significant. We recall that almost all experts unanimously said that Bitcoin performs the function of a protective asset (gold). We also note that it was the trade war between the United States and China that provided the primary support to BTC and the cryptocurrency market as a whole. Consequently, a decrease in business activity in the United States may contribute to a reduction of speculative demand for cryptocurrencies and, as a result, exert pressure.

Barclays Bank has stopped servicing Coinbase Bitcoin Exchange 

Barclays Bank has stopped servicing the accounts of the largest US cryptocurrency company Coinbase, although there are no official comments from the bank’s representatives yet. Breaking these relations has technical implications for Coinbase – losing access to the fast payment system (FPS), which is why users are not able to instantly deposit / withdraw GBP. This problem can be solved by the end of the third quarter of this year.

However, this is another negative signal for the market because it is a “step back”.

BTC stolen from Bitfinex in 2016

We recall that in August 2016, as a result of hacking, Bitfinex lost almost 120,000 BTC. Earlier, we observed the movement of quite large volumes of BTC, which were stolen from this exchange. In particular, in April of this year, a substantial transaction of 550 BTC was noticed, on June 5 more transactions were recorded from the Bitfinex Hack 2016 wallet for a total of 170 BTC.

The next movement of funds from this wallet was announced by Whale Alert, indicating the movement of another 30 BTC. Against the background of previous transactions, this one looks rather modest, but at the time of transfer, the amount exceeded $ 300 thousand. All this refutes the opinion that stolen BTC have been lost.

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