Cryptocurrency experts warn against panic selling 20660
News
Priyanka Babu
Aug 9, 2018 at 3:10 AM

The crypto investor community may be dispirited but, cryptocurrency experts say the crypto market will recover from the market crash. The Bitcoin ETF proposal delayed which was announced yesterday saw the overall crypto market take a nosedive. Most coins on the top 15 list have breached all support levels and some coins like NEO and Bitcoin Cash [BCH] hit new lows. Experts suggest that Bitcoin dominance over the crypto market might not be the only reason for the fierce crypto bears.

BTC prices started plunging shortly after the VanEck-SolidX Bitcoin ETF delayed by the SEC. In tandem with Bitcoin, other cryptocurrencies also started tumbling breaching all major support levels. Some experts are of the opinion that Bitcoin crash might not be the only reason that ensued an overall crypto market drop. Jackson Palmer of Dogecoin says that low usage of cryptocurrency networks is responsible for the fragility of the market.

See Also: U.S. SEC stalls VanEck-SolidX Bitcoin ETF approval; BTC plummets

Cryptocurrency experts are optimistic about a crypto market recovery, especially with the top 3 cryptos, namely Bitcoin, Ethereum and Ripple. Tom Lee, the Wallstreet crypto guru said “Don’t panic, Bitcoin is bouncing back. Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets. The news that we have seen, from the SEC saying bitcoin’s a commodity, to the potential for an exchange-traded fund is causing investors to decide that bitcoin is the best house in a tough market.”

Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, on CNBC’s fast money, said that the SEC stalling the ETF approval was expected. “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF,” said Kelly.

CEO of PundiXLabs, Zac Cheah renewed hopes of PundiX enthusiasts. His recent tweet stated that he had a strong belief in the PundiX project and decided to hodl. This suggests that heads of the crypto verse believe “it is always the darkest before the dawn”. Even some crypto enthusiasts advised hodling and announced their trust in the recovery of the crypto market.

Other Related Articles

Image via Shutterstock

Join our Telegram group