Connect with us

Bitcoin

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

Published

on

John McAfee
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

Published

on

Bitcoin price
READ LATER - DOWNLOAD THIS POST AS PDF

The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

Continue Reading

Bitcoin

Stanford Lecturer praises XRP over Bitcoin

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

Continue Reading

Bitcoin

Bitcoin Chasing Green — First Positive Month Since July In Sight

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

Continue Reading

Elite