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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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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