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Why Bitcoin, Ethereum, and Dogecoin Are Down Again Today

by oof_pj
October 22, 2021
in Dogecoin
0


What occurred 

Many main cryptocurrencies dropped once more on Friday as traders continued to promote on the information of crypto exchange-traded funds hitting the market. As of 1:30 p.m. EDT Bitcoin (CRYPTO:BTC) was down 3.3% over the previous 24 hours, Ethereum (CRYPTO:ETH) had fallen 3.3%, and Dogecoin (CRYPTO:DOGE) was off 3.1%. This follows a sell-off in most cryptocurrencies yesterday. 

There wasn’t any main information out right this moment about cryptocurrencies themselves or new laws, however that hasn’t stopped the sell-off. 

Gold physical Bitcoin in the dirt.

Picture supply: Getty Photos.

So what

Unusually sufficient, the drop in crypto costs began on Wednesday when ProShares Bitcoin Technique ETF (NYSEMKT:BITO) hit the inventory market. Traders have been speculating for weeks that crypto ETFs would deliver a brand new breed of traders into the trade, pushing costs even greater. So, this can be a little of a “purchase the rumor, promote the information” dynamic for cryptocurrencies. 

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Technical merchants have additionally pointed to indications that Bitcoin was poised to tug again from all-time highs to about $60,000, the place it appears to be holding for now. 

The chart beneath exhibits that main cryptocurrencies have been rising throughout the previous month. Bitcoin, Ethereum, and Dogecoin are all up by double-digits percentages, as of Thursday. 

Bitcoin Price Chart

Bitcoin Price knowledge by YCharts

There have been a number of tailwinds throughout the previous month which can be extra essential to long-term traders than the retreat the previous few days. One is the truth that the Securities and Alternate Fee is permitting ETFs to succeed in the market, which can open crypto to extra traders. The opposite is that regulators have mentioned repeatedly this month that crypto is right here to remain, though they nonetheless have not decided the way to regulate the trade to guard shoppers. 

Now what

Volatility is regular for cryptocurrencies, so should you’re a long-term believer within the trade there is not any cause to promote now. The rally main as much as the introduction of the ProShares ETF might have merely gone too far and now speculators are cashing in what that they had bought. 

What I will be watching throughout the subsequent few months is how the crypto trade responds to potential regulation. Regulators have been largely hands-off so far, but when crypto goes to turn out to be an accepted forex or utility coin there’ll must be regulatory readability round a few of its makes use of. This will sound unhealthy to traders drawn to cryptocurrency’s decentralization, however regulation brings legitimacy and can develop the market and demand. 

There are additionally an rising variety of utilities for various cryptocurrencies, which may catch on long-term. That is the place I feel we’ll see actual worth created by the cryptocurrency trade. However the infrastructure of utilities will take years to construct out, which is one more reason why I would not be too nervous about cryptocurrencies shifting sharply a method or one other on any given day. 

This text represents the opinion of the author, who might disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in all our personal — helps us all assume critically about investing and make selections that assist us turn out to be smarter, happier, and richer.





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