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Hello and welcome to News BTC’s Market Outlook September 5.
Ethereum has been falling precipitously against the US dollar as China has outlawed ICOs. This is a major step in governments taking back the power from crypto currencies, and it course has caused a significant amount of concern. On Monday alone, Ethereum has lost 16% at the time of this writing. There is no substantial sign of a bottom at this point, and we could continue to see even more bearish pressure. In a market where there are no buyers, things can get ugly rather quickly. Stabilization for at least 24 hours as needed before any thoughts of buying can happen.
Obviously, Ethereum has lost value against Bitcoin as well, because Bitcoin has the advantage of being the biggest crypto currency. Monday has seen a loss of over 10% already, and it looks as if the selling is going to continue. Stepping away from this currency pair is probably the smartest thing you can do.
Thanks for watching, I’ll be back tomorrow.