Bitcoin (BTC) Unravels Under $10,000

Published on N/A by Cryptovest Staff

The bullish trend of the first half of August is unraveling further, as Bitcoin (BTC) saw sentiment shift.

Bitcoin (BTC) turned the tides on the August rally, sinking below $10,000 just a day after surrendering the $11,000 tier. Now, BTC is back near the levels at the start of the month, when predictions of lows near $8,000 were made. BTC slid to $9,692.46, down 8.69% in the past day, and erasing a net 18.46% since last Thursday. The current correction once again erased the expectations of a quick spike to as high as $15,000.

The BTC sentiment has moved down to levels not seen since December 2018, when the depth of the bear market caused fears of extremely low prices:

https://twitter.com/CryptosBatman/status/1161729486087512066

However, the sentiment is also volatile and may switch to greed within days.

Altcoins were hurt even deeper, as BTC still has the most dominant market capitalization, taking over 68.3% of the entire market. Altcoins were hit harder in the past day, sinking by as much as 15%, both due to the lower BTC prices, and a continuing slide in Satoshi prices.

The climb of BTC stopped on no particular negative news, as the markets have disregarded even more serious events. But this time, the growth of Tether (USDT) supply petered out, leaving the total USDT available at just above 4 billion coins.

The BTC rally once again coincided with a series of active printings, which increased the supply by about 25% in a few weeks. Now, the supply has evened out, leaving BTC to drift lower. But the price remains unpredictable, and BTC has seen fast boosts of as much as $1,000 within hours, bouncing off the lows.

The latest slide in BTC arrives after a recent drop in stock prices, with the Dow Jones shedding 800 points. However, this time, BTC is yet to prove its credentials as a store of value, while the world economy is giving off signs of recession. The trade wars between the US and China, as well as the looming no-deal Brexit may not be enough to generate new enthusiasm for BTC.