The leading crypto news site CCN published an interesting analysis today indicating a continuing crypto bear market. In the last 48 hours, the 24-hour trading volume of the crypto market has dropped below $14 billion as the Bitcoin (BTC) price fell below the $3,600 mark.
Analysts are concerned regarding the declining trading volume which may lead the path to a s
Generally, traders in the crypto market expect 2019 to be a year with low volatility and a continuing bear market. Actually, the bear cycle started 12 months ago in January 2018 after the BTC all-time high of almost USD 20,000 in December 2017. In the short-term, however, many traders envision most cryptocurrencies including Bitcoin testing key support levels in a low price range.
The total crypto marked value is down nearly $100 billion since November 2017 and the crypto asset class is facing a hard time from regulators after the ICO hype. We may see another new low of BTC price with levels below USD 3,000 some experts assume. The lack of good news will continue to put pressure on crypto prices for the weeks and months to come.
We don’t expect good news from the regulators either. The U.S. SEC will not approve a crypto ETF anytime soon after the scandals surrounding the ICOs and the many cases of fraud and pump-and-dump schemes in the crypto area. The approval of a crypto-ETF would be a strong signal for the end of the bear cycle. But it’s not gonna happen that fast. Investors should be prepared for further losses. A new bull cycle does not seem to be on the agenda in 2019.