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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

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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