Be Careful About Panic Selling Say Cryptocurrency Experts
Due to the decision taken by the U.S. Securities and Exchange Commission of delaying the approval of the first bitcoin exchange traded fund (ETF), the cryptocurrency market experienced a very important sell-off.
Most of the virtual currencies in the market lost between 3% and 13% after the information about the SEC reached the headlines. Some currencies such as XRP, NEO, or Bitcoin Cash (BCH) have marked new lows this year. Because of this situation and its resilience as a currency, Bitcoin (BTC) increased its dominance in the market, accounting for over 49% of the market.
Some experts in the crypto world believe that the crash in the market is not only related to the SEC and the latest negative news, but also because there is currently a low usage of the most important virtual currencies. Jackson Palmer, part of the team of Dogecoin, confirmed this situation saying that cryptocurrencies are not being used enough to make the market stronger.
Thomas Lee, another important virtual currency expert, commented:
“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 is the best house in a tough market.”
Additionally, Brian Kelly, founder and CEO of the crypto investment firm known as BKCM, stated that the decision taken by the SEC to delay the ETF was already expected. Furthermore, he stated that those that are selling now are not understanding how to invest in cryptocurrencies. ‘There is more to this story than just an ETF,’ said Kelly.
The chief executive officer of PundiXLabs, Zac Cheah has also given very positive comments to PundiX enthusiasts. He said that he is holding amid a bear market.
Tough market and we hold strong belief in the #PundiX project. Four founders @pundixdanny, @kiki_cp, Pitt Huang and I will personally buy a total of 1,000 ETH-equivalent $NPXS in the next 48 hours from the open market. And #HODL. For transparency, you can monitor this transaction
— Zac (@zibin) August 3, 2018
In the future, the cryptocurrency market could recover and start a bull run. An approval of the Bitcoin ETF was awaited by most individuals in the community, but it seems that it will have to wait some more months.
Let this chart be your guiding spirit.
Pay close attention.
PRICE ACTION TA IS KING
When we put in a higher low and then a higher high (now above 8.5k since that was last high) ON THE WEEKLY, That’s when we are in business.
— The Crypto Profit (@HonestlyCrypto) August 8, 2018
That feeling when you remember #bitcoin price was only $3330 this time last year and we were all really happy about it.
— Needacoin (@needacoin) August 8, 2018
The #altcoin hodler…
1 BTC: "Alt season is coming baby!" 🤑
0.9 BTC: "Alt season is coming!" 😛
0.5 BTC: "Alt season is coming." 😐
0.1 BTC: "Alt season is coming?" 😥
0.01 BTC: "Alt season?!!" 😭😭🔫
0.02 BTC: "Yes! .. Doubled my BTC!" 😎#bitcoin
— A v B ⚡ (@ArminVanBitcoin) August 8, 2018