Bitcoin’s collapse continues with new 2018 lows

Bitcoin’s collapse continues with new 2018 lows

Bitcoin has extended declines for the second day in a row following the US SEC decision to delay the VanEck-SolidX Bitcoin ETF decision. BTC/USD broke below the $3,500 level, and it dropped 7.07% on Thursday to close at $3,433.

With the new day, BTC/USD is extending losses, and it just reached a fresh 2018 lows and its minimum since September 14 at $3,290.00. On Friday’s session, BTC/USD is trading 2.57% negative at $3,345.10.

The crypto king has lost the $3,500 level, and it is on its way to test the $3,000 critical level. Bitcoin is depressed as the ETF decision was seen as a key to attract more investors to the crypto sphere.

Technical conditions for the BTC/USD are weak with moving averages pointing to the south while studies below its midlines. Some overbought conditions but fading. The next support is the $3,000 fundamental level. Below there, the break could be a catalyser for stop losses.

Ethereum loses the $100 handle for sure

Ethereum is trading negatively for the third day in a row as investors are worried about the de-capitalisation of the crypto market and the drainage of investment into other fields.

On Friday, ETH/USD is trading 5.2% down at $84.40, well below the $100.00 level the unit was defending two days ago. In the last three days, the pair has lost 24% of value to trade at its lowest level since June 21, 2017, at $81.02.

Technical conditions for Ethereum are signalling more declines in the short and middle term. Moving averages are pointing to the south while studies are below its midlines and descending. The next support will be $75.00.

Morgan Creek bets on Facebook to build the most-popular crypto product

Anthony Pompliano, Founder of Morgan Creek, believes Facebook is about the build the “most used product in crypto” as he answered a tweet against the Blockchain technology hiring policy on Facebook.

Facebook has been recruiting blockchain developers for months, and one particular movement has called the attention of experts.

David Marcus, who used to have two blockchain-related jobs in Facebook and Coinbase, resigned from his position the Coinbase board of directors to lead the Facebook blockchain division.

Experts are considering that Facebook is planning to launch a cryptocurrency project that would be very popular as the Facebook family of companies has more than 2 billion users.

In a series of tweets, Pompliano highlighted Facebook’s track record of development, scaling and deployment of new products. It is a matter of time before the company will dominate the cryptocurrency space.

“Betting against David Marcus, Kevin Weil, Morgan Beller, Zuck, Chris Cox, and the FB growth team is insanity,” Pompliano tweeted.

“I’ll ride with that crew any day when it comes to building, launching, and scaling products. Ask their competitors how it went last time.”

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