With Bitcoin and the cryptos now sitting below key levels, the cryptomarket is in dire need of a reboot and a new catalyst to entice investor money from the side lines. Favourable regulator chatter may not be enough.
After a promising start to the week, it’s been downhill for Bitcoin since hitting Tuesday’s $11,780 high, with Bitcoin down 7.3% from Monday’s open through to Thursday’s end of day $9,671.07.
Appetite seems to have waned as the week progressed, with Bitcoin’s market cap falling from Saturday’s $187.66bn to $169.22bn this morning.
A lack of good or bad news has left the cryptomarket lacking direction through the week, with the only major news having been Litecoin’s hard fork last Sunday and news from the South Korean government of its intention to play a supportive role to legitimate exchanges.
Bitcoin’s declines may have been less severe than some of the other majors, but a fall back to sub-$10,000 levels continues to raise questions on what’s next for the cryptomarket and the anticipated penetration that true cryptocurrencies will have in the battle against fiat money.