The crypto street has been under the bloodbath for past 2 weeks. The bears seemed to be in charge and were breaking every possible support that came in their way. But like every crash, this too seemed short-lived as if was driven by fear and panicked sellers have caved in what seems like an attractive entry point as most coins sit in an oversold territory. While short-term is attractive, long-term fundamental are caving path for a stable and mature future.
Short-Term positivity – Technical factors show attractive entry points
Over the past 30-days, ETH has fallen over 40%, XRP has fallen near to 15% and BCH 25%. There has been a continuous meltdown and no kind of news has had a positive effect on this falling price. This fall is also because there is fear in the market of these prices crashing further. The Bitcoin ETF still hangs in dilemma and people are still fearful that whether institutional monies would come in or not. As the people dump in coins, what is happening is that this is caving out attractive buying zones for people who had missed out on the previous rally. Nearly all top coins, the ones which are considered to remain alive in the long run are all available pretty cheap. Many analysts on the street feel this is the right time to buy as bottoms have arrived. Mati Greenspan has tweeted the small bump up over past couple of days as bottoms being bought in. He also congratulated the people who got in at the bottom of the prices.
Minor bounce so far, let’s hope it develops from here.
Kudos to those who bought the bottom. pic.twitter.com/OMWvV9GMnf
— Mati Greenspan (@MatiGreenspan) September 13, 2018
Cryptomanran Ran Nuener also tweeted that we could see a bounce back in the short term projecting that Bitcoin ETF is just 5 months away. According to him, the appointment of pro crypto commissioner, Elad Roisman has just made the SEC loop in favor of the Bitcoin ETF. With Hester Peirce already pro BTC, the SEC vote may be 2/3 in favor of Yes.
We know HesterPeirce is pro BTC, now we have another commissioner that is too.
If the staff escalate the decision to the commission then it will go to a vote. We have 2/3 required YES votes.
I speak to the SEC weekly -my view, ETF in the next 5 months.https://t.co/0UdaMUg7kx
— Ran NeuNer (@cryptomanran) September 13, 2018
Long-Term positive-Citi, Gemini, EU and Nasdaq creating a perfect recipe
While the short-term sentiment may be picking up technically, the last couple of weeks have bought enough positive news for long-term for the cryptos. Another large bank, Citigroup is the Latest Bank to Offer Crypto Custody. Not just custody, it has also bought in a tool that can direct institutional monies to cryptocurrencies. The bank is planning to launch a product called Digital Asset Receipt (DAR) which will enable institutional investors to invest in cryptocurrencies in a fully insured and regulated manner.
Second is a registered Stablecoin, which will take away price manipulation away. Gemini, the crypto business promoted by the Winklevoss Brothers, have launched a stable coin called a Gemini Dollar which will be under the sight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).
Nasdaq, a technically superior exchange, has got into cryptos and is now developing tools that can help institutional traders to trade cryptocurrencies with more insight.
While the companies are doing their part, the confidence of countries and regulators is also increasing The European Commission, the executive body that proposes legislation for the EU, has announced that it will this year conclude a regulatory assessment for the governance of crypto assets, because they are “here to stay,” a high-level has officially said.
These four points were put forward by Joseph Young as well, believing this could be the signals of medium to long-term crypto positivity, taking the price higher.
With both short and long-term scenarios in favor, one can be comfortable of getting their monies into cryptos. With current crypto fall worst than the dot-com bubble, one can predict, if investments are made in right coins come can make fortunes in years to come. One just has to choose what is an “Amazon” equivalent coin and which is a pets.com equivalent coin.
Which coins do you believe will give amazing returns in years to come? Do let us know your views on the same.