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‘Do Not Panic About Bitcoin’s (BTC) Drop,’ advises John McAfee

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John McAfee

As true to his nature of being a Cryptocurrency soldier, advocate, adviser, crusader and lover of all things blockchain, John McAfee has lent his much-needed advice during this trying times in the cryptocurrency markets. He offered his advice with respect to the price of Bitcoin (BTC) and gave a detailed explanation as to why the markets further dipped after the confirmed Coinrail hack.

John McAfee had this to say to his over 826k Twitter followers:

“Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit, and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.”

So what happened to cause Bitcoin’s drop in value?

The first thing that happened, is the hacking of the South Korean exchange known as Coinrail that resulted in the theft of $40 Million worth of cryptocurrency. This then resulted in the cryptocurrency markets losing approximately $20 Billion in a matter of hours from the Saturday levels of $340 Billion.

However, the crypto-markets have since lost an additional $20 Billion as we woke up this Monday morning. The current total market capitalization is now at $293 Billion indicating the markets have lost close to $50 Billion in a period that is hardly 48 hours.

Investigating Mr. McAfee’s comments about the investigations of the mentioned exchanges, yields that the CFTC (The United States Commodity Futures Trading Commission) together with the US Justice Department, have demanded trading data from Bitstamp, Coinbase, Itbit, and Kraken. These four exchanges were served with Subpoenas after failing to provide Bitcoin data when requested to do so earlier on in the year.

The CFTC is investigating the possibility of Bitcoin price manipulation that started last December when the King of Crypto was valued at almost $20,000. What then proceeded is a sudden drop in the value of the coin and the general crypto markets to the point of some traders suspecting foul play. This then resulted in the CFTC having to intervene to get to the bottom of the story. Investigations are still ongoing.

In summary, John McAfee has once again proved his mettle as a spokesperson for the individual traders like you and me by offering much-needed advice during this time of market turmoil. As is always the case when the market goes South, there are only three things to do: cash out, HODL or buy some more of your favorite cryptocurrencies. McAfee advised to HODL and/or buy some more.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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