At press time, the sixth-largest cryptocurrency by market cap is buying and selling for about $5.07. Total, EOS appears to be down by roughly 15 p.c during the last 24 hours, making it one of the biggest single-day losses over the previous week. The foreign money presently has a market cap of about $four.55 billion and a every day buying and selling quantity of about $1.07 billion. At its highest, EOS had a market cap of roughly $17.53 billion.
Your entire cryptocurrency market appears to be within the fingers of the bears as soon as once more. Bitcoin, for instance, simply repeated the identical pathetic habits it exhibited again in July, solely this time on a significantly weaker scale. Throughout mid-July, bitcoin was trapped within the $6,000 vary. It instantly graced the $eight,300 mark and stayed within the $eight,000 vary for about two weeks earlier than succumbing to bearish tendencies and falling again down once more. This time, the bull run lasted just one week and went to $7,300 – about $1,000 lower than the place it traveled two months in the past.
For all of the current discuss long-term bullish habits and bitcoin reaching $10,000 by November, it’s changing into clearer and clearer that analysts don’t know what they’re speaking about, and it’s practically unattainable to foretell the place cryptocurrencies will go contemplating they’re all nonetheless too susceptible to exterior information and affect.
For example, one of the explanations behind the drops in each EOS and diverse altcoins could possibly be the current announcement by approach of Wall Avenue large Goldman Sachs. The corporate acknowledged that it was backing away from its alleged cryptocurrency buying and selling desk that it beforehand claimed would arrive through the summer season, and it ought to come as no shock that regulatory uncertainty is the explanation why.
Some are claiming that the information is more likely to preserve bitcoin and cryptocurrency down for good – that this was the spotlight of digital cash’s journey in the direction of legitimacy, and the barricades will probably be an excessive amount of to deal with with out Goldman Sachs’ assist.
Stephen Innes – head of APAC buying and selling with Oanda – states:
“So much of retail buyers’ hopes for an even bigger institutional presence had been actually being pushed by Goldman Sachs.”
And with Goldman’s refusal to proceed with the buying and selling desk, quite a bit of hopes and desires are once more being dashed to the bottom. As well as, cryptocurrencies are additionally the objects of additional hypothesis and suspicion in Europe after Belgium’s monetary regulator warned buyers to steer clear of digital buying and selling platforms, saying they had been “fraudulent.”
EOS Charts by TradingView