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Bitcoin continues to decline for 2 days in a row

Bear market

Bitcoin has been falling for two days in a row. The most valuable cryptocurrency has been volatile. Bitcoin has been over the $8000 line for a few days and on Tuesday 31st July 2018 Bitcoin has seen its lowest value of $7,526 in the last 24 hours.

The king of crypto has seen its lowest value in the last week when it touched $7,526. According to coinmarketcap, a leading cryptocurrency analyst, Bitcoin is currently trading at levels of $7598 a 3.63% decline in the last 24 hours at the moment of writing this article.

The total cryptocurrency market cap had reached the highly anticipated $300 Billion market cap in on 26th July 2018 and on the very same day had reached $304 Billion in market cap. The market cap had fallen to $297 Billion by Monday morning and at the movement of writing this article, the market cap is $273 Billion, a $24 Billion drop in value in the last 2 days.

There could be 2 possible reasons for the decile in price, the first one which could be on every cryptocurrency traders mind that the rejection of Winklevoss Twins sponsored Bats ETF by the SEC. Most of the traders thought that the highly anticipated CBOE ETF was rejected and this confusion caused Bitcoins momentum for the entire day.

Startups or small and medium enterprises (SMEs) could claim up to 100% of tax cuts in South Korea and the country has a plan no longer classify cryptocurrency exchanges as startups or SMEs. On August 31st the new revisions are to be presented to the National Assembly and this could be the second reason for the price decile.

Bitcoin could see an upward Bull Run if the SEC would approve the pending CBOE ETF filing.

About the author

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Jimoh Abdullahi

An Engineer (B.Eng, M. Eng Biosystems Engineering) and freelance writer. Stacey covers cryptocurrency, the Blockchain technology, and ICT topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how technological advancement is disrupting the world as we have known it.

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