Everyone has a question in mind, why is Bitcoin going down? Bitcoin prices are heading in the opposite direction as we hoped, as the fake news from Goldman Sachs on September 5 caused the market to fall. The BTC looks like it fell for the last time on September 12, worth about $6,250. Then it will briefly bounce back to $6,580, causing many people to think they have bottomed out.
One of those who believes in this theory is former fund manager and billionaire investor Michael Novogratz, who tweeted as follows:
I think we were at a low level yesterday [September 12]. Fixed a high point at the end of last year and an acceleration point that led to a massive rally/bubble... The market likes to recover the breakthrough... We reviewed the entire bubble.
First, on September 16 and 17, Bitcoin coin had the lowest transaction volume since November last year. Looking further at coinmarketcap, we found that the 24-hour trading volume for these two days was estimated to be between $3.1 billion and $3.2 billion, rather than the usual level of more than $3.5 billion.
Bitcoin trading volume was lower on September 16 and 17. Low trading volumes indicate a decrease in the trading and interest in BTC digital assets. Less interest is equal to a bear market. Today's 24-hour trading volume has increased to $3.9 billion, and Bitcoin is currently trading at $6,278.
Second, there is a mountain. The Gox Creditors Meeting was held on September 26. We all know that clearing the entire bitcoin deposit to pay the creditors of the exchange may actually make the BTC invisible in the past two years. The BTC Gox hosted by BTC has thousands of trustees (over 170,000) and may be eroding the market based on current market conditions.
The announcement of the September 26th meeting is as follows. "According to" Civil Rehabilitation Law "Article 125 Reporting on Property Status and Filing Deadline: September 26, 2018"
Therefore, regardless of what information is reported on this date, it may affect the already volatile market in a negative way.
Third, and considering that the encryption market is still unstable, the US Securities and Exchange Commission's deadline for the CBOE-sponsored Bitcoin ETF is September 30. Using the SEC's past announcements and decisions, if the judgment is to be postponed, they will be announced before the 30th. On the other hand, the ETF application rejects the proposed rule change. In the latter case, the US Securities and Exchange Commission will announce its rejection on the 30th.
It is unlikely that the CBOE-sponsored Bitcoin ETF will be approved by the US Securities and Exchange Commission. That's why we only explored the two possibilities highlighted above. If the US Securities and Exchange Commission will take either of these two paths, the encryption market will adopt a subconscious reaction that may include panic selling.
All in all, and don't want to sound too pessimistic, the next two weeks may be the most uncertain week in BTC's value history. All indicators point to a bear market, but encryption miracles may occur before the 30th. If you want to get more bitcoin news, please do follow me.