The crypto market has been on a correction ever since the all time high market cap of $820 billion earlier this year in 2018. The current price of bitcoin is at $6130 losing 70% of its valuation against the USD from an all time high of $20k. Many of the altcoins have similar or worse fate whereby they have lost 90% or more of their valuation. Despite the downfall, I am very bullish on the crypto market as a whole for 2018. One of the main reasons is the several pending ETF application to the SEC. Next in line is the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF (each a “Fund” and, collectively, “Funds”) issued by the ProShares Trust II (“Trust”) under NYSE Arca Rule to be approved or denied by the SEC on August 23, 2018. The outcome of the SEC ruling dictates the price of the BTC. I think until then the price of Bitcoin may rise between $7.1k to $7.5k due to FOMO. Most likely the SEC is going to deny the ETF and the price of the BTC slides back down to the current support zone of $6.2k.
I will be posting other news regarding the reasons behind the price action of BTC and other altcoins during the next few months until the BTC price hits 50k... :)
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