The massacre of the cryptocurrency market continued in August, and almost all major currencies suffered massive double-digit sales.
The capitalization of the cryptocurrencies fell to 191 billion dollars on August 14, its lowest level since the beginning of November last year, standing at more than 600 billion dollars from its record highs of 828 billion dollars. January the 8th.
In August, the Securities and Exchange Commission (SEC) of the United States delayed its decision regarding the proposal on the bitcoin fund (ETF) of VanEck and SolidX, a measure that the cryptocurrency bulls believe would have increased the volume of the market. Cryptocurrency enthusiasts now have a couple of weeks left in limbo. The SEC has postponed the decision until September 30.
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For most of the year, cryptocurrencies have been steadily declining, besieged by a series of cyber-attacks on the stock markets, including a security breach in South Korea’s Bithumb cryptocurrency exchange – one of the largest exchanges in Asia.
Concerns about the regulation of the integrity of this new technology, specifically in South Korea and China, have also been made ballast.
In August the price of bitcoin, the world’s first virtual currency by market capitalization, dropped by almost 10%, to close the month after the level of 7 thousand dollars.
Bitcoin has been around 50% since the beginning of the year as regulators around the world have intensified control of this asset class.
Technically, over the course of the month, most digital currencies have been able to leave behind their bearish tendencies and rise again above their respective 200-day moving averages. This usually indicates that sellers are still in charge.
A sample of how bearish the cryptocurrency action was in August is that there are now only 15 digital currencies with a market capitalization of more than 1,000 million dollars, compared to 19 at the end of July. Of these 15, all closed the month below the level at which they had opened the last trading day of July.