Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery

 The entire crypto market sold off heavily between Thursday night and Friday morning, sending Bitcoin down more than 10% over the past 24 hours to go below the USD 3,300 mark before recovering slightly. However, it seems that the general sentiment has not changed yet - despite the the market crash could get worse, cryptocurrencies have great potential, still. Now, even the two “stars” of this week - Waves (-20%) and Factom (-31%) - fell sharply, trimming their weekly gains to 25% and 12% respectively (UTC 06:15 AM). The sharp losses came after the US Securities and Exchange Commission (SEC) said they would further postpone a decision on whether to approve the much-anticipated bitcoin-backed exchange traded fund (ETF) by financial firm VanEck. The new deadline now is set to February 27, 2019. **Top 10 coins (UTC 06:35 AM)**  #### **"Anything is possible"** Home News Bitcoin News Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery By Fredrik Vold December 07, 2018 Share Tweet Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery 101 Source: iStock/lortie The entire crypto market sold off heavily between Thursday night and Friday morning, sending Bitcoin down more than 10% over the past 24 hours to go below the USD 3,300 mark before recovering slightly. However, it seems that the general sentiment has not changed yet - despite the the market crash could get worse, cryptocurrencies have great potential, still. Now, even the two “stars” of this week - Waves (-20%) and Factom (-31%) - fell sharply, trimming their weekly gains to 25% and 12% respectively (UTC 06:15 AM). The sharp losses came after the US Securities and Exchange Commission (SEC) said they would further postpone a decision on whether to approve the much-anticipated bitcoin-backed exchange traded fund (ETF) by financial firm VanEck. The new deadline now is set to February 27, 2019. Top 10 coins (UTC 06:35 AM) Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery 102 ____ "Anything is possible" Mati Greenspan, senior market analyst at eToro, a social trading platform, doesn't rule out that bitcoin could be headed straight for USD 1,500, as some analysts predict. "Anything is possible but I would say that we have a lot of key levels before that will more than likely support the price. As you can see, we're currently testing the light support level at USD 3,500 (blue). If it breaks through to the downside we will likely encounter heavy support at USD 3,000 yellow. The red line is set at USD 1,800. All of these levels have played a significant role during the rise of 2017," the analyst wrote in a daily commentary on Thursday.  Home News Bitcoin News Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery By Fredrik Vold December 07, 2018 Share Tweet Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery 101 Source: iStock/lortie The entire crypto market sold off heavily between Thursday night and Friday morning, sending Bitcoin down more than 10% over the past 24 hours to go below the USD 3,300 mark before recovering slightly. However, it seems that the general sentiment has not changed yet - despite the the market crash could get worse, cryptocurrencies have great potential, still. Now, even the two “stars” of this week - Waves (-20%) and Factom (-31%) - fell sharply, trimming their weekly gains to 25% and 12% respectively (UTC 06:15 AM). The sharp losses came after the US Securities and Exchange Commission (SEC) said they would further postpone a decision on whether to approve the much-anticipated bitcoin-backed exchange traded fund (ETF) by financial firm VanEck. The new deadline now is set to February 27, 2019. Top 10 coins (UTC 06:35 AM) Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery 102 ____ "Anything is possible" Mati Greenspan, senior market analyst at eToro, a social trading platform, doesn't rule out that bitcoin could be headed straight for USD 1,500, as some analysts predict. "Anything is possible but I would say that we have a lot of key levels before that will more than likely support the price. As you can see, we're currently testing the light support level at USD 3,500 (blue). If it breaks through to the downside we will likely encounter heavy support at USD 3,000 yellow. The red line is set at USD 1,800. All of these levels have played a significant role during the rise of 2017," the analyst wrote in a daily commentary on Thursday. Another Crypto Crash Doesn't Kill Hope for Long-Term Recovery 103 Source: eToro According to him, for institutional investors looking to invest in the assets rather than the infrastructure, there really isn't much reason to go in strong at the moment. "There simply isn't FOMO [fear of missing out]," Greenspan stressed. "However thinking long term, if we do think that bitcoin will pass through the all-time highs anytime within the next decade, it won't make much sense to wait until it USD 1,500 to start placing orders. Rather, large traders tend to set small orders in order to average out their entries," he added. Meanwhile, crypto analyst Tone Vays says that at least for now “it’s getting worse”: