Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 21
Lately, crypto prices have not been falling on bad news and have been rising on minor positive ones – investors are looking for reasons to buy.
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The market data is provided by the HitBTC exchange.
Michael Novogratz, founder of the digital asset management firm Galaxy Digital, has recently reiterated his view that cryptocurrencies have hit a bottom and a rebound is due. He believes several institutional players might invest in the market, boosting prices.
It, however, will be a slow grind higher. We have also been maintaining that the rally this year will be a gradual upward move, unlike the vertical increase seen in 2017.
Another billionaire investor, Tim Draper is unperturbed by the continuous decline in crypto, viewing it as a buying opportunity and sticking to his target of $250,000 by 2022. In regards to the news, the hack of a Japanese crypto exchange Zaif has not resulted in any panic selling, which shows that the bears are currently unable to capitalize on adverse headlines.
The U.S. Securities and Exchange Commission (SEC) has said it had not “reached any conclusions with respect to any of the issues involved,” with the Bitcoin exchange-traded fund (ETF) proposal backed by investment firm VanEck and financial services company SolidX.
The Commission has requested further comments on the matter. This keeps the hope alive that an ETF might become a reality sooner than most expect.
When an asset class doesn’t fall on adverse news but rises on minor positives, it indicates that the investors are looking for reasons to buy. So, which are the cryptocurrencies that are showing a bottom formation? Let’s find out.
Bitcoin has broken out of both moving averages. It should now move up to the downtrend line of the descending triangle, which wi