Published 09 Aug by CryptoDiffer Team
Highlights on Suppoman
'Wow!' - What else can you say about the market now?
The crypto-currency market has updated the bottom for 2018 (source)
Today, let's talk about whether everything is really so bad, or we have huge opportunities before us. Obviously, the reason is the latest news from the SEC regarding the transfer of the ETF solution from VanEck. Yesterday I made 2 videos, during the first one we saw a green candle on the rebound from the support level at $ 6 800, and at the second price already went below $ 6,500. The market capitalization fell to 222 billion dollars, thereby breaking the long-term support by 250 billion. $ Bitcoin holds well against the altcoins, which sank by tens of percent. Now a great opportunity for shopping. Become greedy when others are afraid, because when approaching the adoption of the ETF, such prices may no longer exist. Remember that even if prices continue to decline, the growth potential is much greater. I advise you to use the technique of regular investment of a fixed amount, especially on falls. Before the removal of the decision remains 50 days, and we do not know if the bottom market has reached, or not. We will see a lot of speculative news, but I do not recommend selling anything, even shitcoins, because even in the market they will grow.
After the transfer of the decision on the ETF, sources from the CBOE continue to maintain confidence in the success (source)
After the transfer of the SEC decision to accept/reject the application for ETF from VanEck until September 30, the ICO Journal came into contact with the representatives of CBOE, VanEck and industry veterans to receive a comment on the situation. The answers were almost unanimous.
A source from CBOE said that the transfer was quite expected and the market reacts irrationally to it. Decisions on all such applications were postponed, and he is still 99% sure of a positive decision. VanEck also reported that it was not a surprise, and also that their application is the best for today and their efforts will be rewarded. Judging by the situation on the market, I agree with them. One of the key problems of crypto-currencies, determined by the SEC, is security. CBOE is going to provide insurance to everyone who will invest in ETF, which is the main strength of this application.
I agree that the market reaction was irrational. It seems to me that the drop is related to the level of HYPE and expectations from the ETF CBOE. Many hope for a positive outcome, and therefore we see such a harsh reaction because the transfer looks like a potential failure. In my tweet, I described that the market is driven by two emotions: fear and greed. If the ETF is postponed, then it will trigger short-term fear and bearish sentiment. Now BTC is in a zone of strong oversold, and this is only about the news about the transfer of the decision on ETF. Can you imagine what will happen if, in the end, the SEC makes a negative decision?
The need for ETF for the market is subjective. In any case, the development of technologies will lead to a gradual increase in interest in the cryptosphere and an increase in demand, and accordingly, prices. However, in terms of fast profits, the adoption of ETF looks very attractive. This is reminiscent of the futures situation in 2017.
Translation from this source