The last few days in the crypto markets have been stressful and hectic. There have been multiple drops throughout the week, such as on August 1, August 3, and again on August 4. While constant declines are not unusual in any market (let alone cryptocurrency) it is still worth discussing.

 

Bitcoin ETF and the crypto markets

The recent talk of Bitcoin ETF proposals has both excited and frustrated traders. For the last couple of weeks, there have been numerous articles about the topic, all with positive analysis’. This has likely caused traders to invest more, but the fact that there is no concrete confirmation of an officially approved ETF yet, it may also have lead to people getting uncomfortable with waiting and then simply pulling out early.

Under normal circumstances, during a bear market, no news has much effect on the crypto markets, but people have been theorizing for a while now that a Bitcoin ETF could be enough to bring us back into bullish territory. There is no saying whether this statement is true, but it is not far-fetched to assume such a huge event could change the crypto markets.

 

Nano reaches a worrying low

As of August 5, Nano is worth $1.57. On January 5, it was worth $34.42. Of course, it is not unusual for coins and tokens to take heavy beatings during a bear market, but a 95% drop in price is a rarity. This type of loss is usually only seen with regards to exit scams and other suspicious coins— however, Nano is not enshrined in any bad press of the sort. In fact, it is hard to figure out what, exactly, caused Nano’s decline. One theory could be that DAG coins might struggle more in poor crypto markets because they cannot fall back on positive news about blockchain technology. For instance, for the first half of the year, we have heard great things about blockchain adoption— this is generally tremendous for cryptocurrency, but DAG coins step outside of the world of the blockchain. Positive blockchain news is also positive news for Bitcoin and Ethereum— it is not necessarily positive news for coins like Nano as they do not run on a blockchain.

Ripple’s price fluctuations

This week for Ripple has been interesting, market-wise. Unlike a lot of top coins, Ripple has been holding its price somewhat steadily. It was only on August 4 that the coin properly started to fall. One reason for Ripple’s sideways movement could be due to Wirex choosing to include it on their service. It may also have helped that Ripple hired Bill Clinton as a keynote speaker for their conference. The ability to acquire a household name is huge in the corporate world as it establishes a level of professionalism and legitimacy.