Daily Berminal Brief (8/22/18): Bitcoin Leaps $400 in Minutes only to Reverse 4% Less than 24-Hours…

Too Long; Didn't Read

The State of the Market: On Tuesday, Bitcoin blasted through the $6,600 resistance, adding $400 in less than 20 minutes. Fast forward to today and Bitcoin unexpectedly gave back yesterday’s gains when it dropped 4% in less than 30 minutes. Many believe that yesterday’s pop was the manifestation of a short squeeze being triggered as BitMEX derivatives exchange went offline. In other news, all eyes will be on Bitcoin this Thursday as the U.S. Securities and Exchange Commission is set to make a decision on ProShares Bitcoin ETF. An approval could be the catalyst that will spark the next bull run, while a rejection could case Bitcoin to drop to new lows.