The crypto market has faced a lot of downward pressure the past few weeks and, as we reported yesterday, so is everything else. Indeed, the week saw an overall 3+% loss in the Dow Jones Industrial Average, and no other exchanges were performing well, either. It’s just a bad time to be a bull, it seems.
Bitcoin Price Languishes Near Yearly Low as BSV Rallies
The Bitcoin price is a long way from the heady days of a year ago when a single coin would buy a modest new car, and Bitcoin by itself now accounts for a full 54% of all the money invested in cryptocurrency as a whole. This is why the typical case is that when Bitcoin is taking big losses, so are the rest. This is not just because so many cryptos are only liquidated through BTC before getting to fiat currencies, but also because when bears attack the Bitcoin markets, they simultaneously assault associated altcoin markets.
Those clever bears are eating well these days, that much we know. At least a couple of situations would have been hard to predict a couple months ago:
- Bitcoin SV overtaking Bitcoin ABC, or lasting as a viable product at all.
- The Bitcoin price failing to rebound above $4,000.
Either of these situations could make millionaires and paupers depending on how trades were positioned. Those betting long on Bitcoin SV are surely pleased with themselves, while those who were confident it was to be a loser against Bitcoin ABC and other cryptos, destined for the bottom of the barrel, are hopefully reassessing their analysis skills.