What is Happening to the Cryptocurrency Market – August 9

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What is Happening to the Cryptocurrency Market - August 9
What is Happening to the Cryptocurrency Market - August 9

The Cryptocurrency market has suffered a major loss from the fact that SEC has delayed once again its decision to approve Bitcoin ETF.

I’ve come across a really nice theory from Jake Chervinsky that explains the legal power the Securities and Exchange Commission has, to delay and manipulate the market – Read More.

In my opinion, the fact that SEC decided to delay once again Bitcoin’s ETF decision until september should not have had such a massive impact on the market.

One of the main reason Bitcoin and other Altcoins have lost more than 20% in a couple of days is the lack of volume. I’ve noticed that people and retail investors keep their stop-losses very tight and are mostly driven by media news (Fundamental Analysis).

It’s sad that we are also forced to follow this kind of strategy and therefore plummet the market every time the media decides to play the cards in their favour.

Don’t forget that the value of an asset is set by the 5% who agree to buy or sell at a certain price. I’m not saying that the best strategy is to HODL, but nobody has the power to time the market. Look at the past couple of years and you will notice that the cryptocurrency market made most of its biggest gains in a matter of days.

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