The price of bitcoin and almost all the altcoins in the crypto market have resumed their downward movements as the pessimists take charge of the market and the bears have not spared even VeChain, which gained 47% a few days ago.
Cryptos see Red Again
The market slump has also walloped VeChain, the altcoin for supply chain management.
On August 17, 2018, Blockchainreporter informed that Vechain was occupying the frontline in the crypto gainers table, with a massive 45% surge.
However, at the time of filing this report, the 19th largest digital asset in the world is losing 9.68%, with the price of VeChain (VET) struggling to stay above $0.013939, with a market capitalization of $772.99 million.
Although not entirely impressive, the latest VET price is somewhat an improvement on Wednesday’s performance, as the price of VeChain (VET) crashed to $0.012996, while the market cap tumbled to $764.218 million, as seen on CoinMarketCap.
Interestingly, VecChain is not alone on the losers table as bitcoin, and several other altcoins are also experiencing bloodbaths.
As previously reported by Blockchainreporter, on August 18, 2018, Lisk (LSK) announced the impending launch of its Mainnet. The positive news fueled a surge in the price of the LSK token, giving it a massive 18% gain at the $4.01 price area.
At press time, the price of Lisk (LSK) has crashed to $3.96, with a market cap of $433.46 million.
More established cryptocurrencies like bitcoin, ether, and XRP have also received their share of beating.
On August 21, 2018, the price of bitcoin jumped from $6,459.5 to $6,827.5 and later kissed $6,888.32.
Though there’s no concrete reason for the 20-minute mooning, some analysts have attributed it to a possible short-term trade on the BitMEX exchange as the price gain coincided with the exchange’s notice of temporary closure to users.
At press time, however, bitcoin is losing by 1.84%, with the price of bitcoin a bit stable at the $6.440.57 price region, while ether is losing by 2.74 percent and is showing no urge to move upwards from the $274 region.
Possible Bearish Triggers
On August 22, the US Securities and Exchange Commission (SEC) rejected the ETF proposals of 9 firms.
While some Bitcoin advocates see nothing good in a Bitcoin ETF, -with Andreas Antonopoulos making it clear he is not in support of a bitcoin ETF -, it is quite evident that some traders are disappointed with the SEC ETF disapproval and the development has sustained the bearish trend.