Price analysis 7/19: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Price analysis 7/19: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC


Bitcoin (BTC) broke below the immediate support at $31,000 today and that has resulted in selling across several major altcoins. Coincidently, the fresh push to the downside in Bitcoin has come a day after the much talked about unlocking of shares worth about 16,000 Bitcoin from the Grayscale Bitcoin Trust.

The sell-off in cryptocurrencies could also be due to the broader risk-off sentiment on concerns of rising Covid-19 cases. The Dow Jones Industrial Average dropped over 800 points on Monday, on track for its worst decline of the year.

Daily cryptocurrency market performance. Source: Coin360

In a bearish environment, positive statements are generally ignored. While speaking to CNBC on July 19, Grayscale CEO Michael Sonnenshein projected a positive picture about the possibility of a Bitcoin exchange-traded fund (ETF) receiving regulatory approval.

Sonnenshein said it was only a matter of “when” and “not if” that one of the ETF applications will be greenlighted. He also said that GBTC would be transformed into an ETF

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