SOURCE: Click here to read the full original post

On Thursday, investors awoke to a promising sight — a $300 candle that brought Bitcoin’s price off a $6,150 low — so some thought that the worse for over for the market. But, as some investors were lured into a false sense of security, the market fell even further to establish new year-to-date lows.

There’s Blood In The Streets!

As some like to describe the current state of the cryptocurrency market, “there’s blood on the streets!” Taking a glance at cryptocurrency prices as it stands, it becomes quickly evident that blood of may as well be on the streets of this nascent industry.

On Friday afternoon, Bitcoin unexpectedly fell by over $350 dollars, from $6,425 to a low of $6,025 on the back of an influx of selling volume. This bearish movement quickly cascaded throughout the whole market, with altcoins experiencing a similar decline. With this move, the valuation of all cryptocurrencies has established a new year-to-date low at $209 billion.

As is a common theme in any market, investors did their best to draw connections to announcements and this price drop. Some speculated that this was a direct result of the SEC’s recent verdict to delay a final decision on the fate of the VanEck and SolidX ETF. Many saw this ETF as a long time coming, as cryptocurrency industry leaders have been trying their hand at creating this form of an investment vehicle for years now.

Stepping back, one could note that this move is likely courtesy of an extended downtrend off Bitcoin’s most recent peak at $8,500. As NewsBTC editor and crypto analyst Joseph Young noted in a recent tweet, why should an announcement expected by many lead the market to tank on such a drastic scale?

Why would the delay of a Bitcoin ETF, which was expected by the vast majority, lead the market to tank suddenly by a massive margin? When in fact news hasn’t been affecting crypto exchange market as seen in the case of NYSE/ICE?

OTC sell-off or

SourceNEWSBTC - click here to read the rest of this article