Bitcoin Races To The Bottom - Mcafee Advises To “Fucking Relax”

Last year, the final two months saw cryptocurrencies take center stage when Bitcoin rose to nearly $20k. This year has seen a reverse trend and certainly the last two days a race to the bottom seems to be setting in for the most famous of all cryptos. At the time of writing, Bitcoin traded at $4,542, down 16% in the last 24 hours only.

What a difference a year makes. During the final months of 2017, you couldn’t open a newspaper (whether in print or via an electronic device) without reading about cryptocurrency. It would be the get rich quick scheme for everyone which promised easy money for all those willing to bet on a loosening of federal oversight when it comes to managing currencies.

Twelve months later and the crypto market has lost almost 75% of its value.

<b>Bitcoin dominance receding</b>

Crypto analysts predict that whilst the market has already tanked in the last few days, Bitcoin could further drop to $1500, and it would appear from the movement seen in the past day that they are right. Whereas the loss of support around the $6,000 mark last week was already caused for some panic, the race to the bottom seems to have intensified in the past few hours, which saw Bitcoin lose some 15% in a day to the $4,500 level.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Bitcoin’s next support level <a href="https://t.co/kUppMvjrNK">https://t.co/kUppMvjrNK</a> <a href="https://twitter.com/hashtag/GGCrypto?src=hash&amp;ref_src=twsrc%5Etfw">#GGCrypto</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://t.co/6BpG1n8GQE">pic.twitter.com/6BpG1n8GQE</a></p>&mdash; GG Crypto (@GGCryptoClub) <a href="https://twitter.com/GGCryptoClub/status/1064682121804111872?ref_src=twsrc%5Etfw">November 20, 2018</a></blockquote>

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The heavy losses that started last week mean the market cap has siphoned off almost 200 billion dollars and that the dominance of Bitcoin on the crypto market continues to recede. At the moment, some 53 percent of all crypto is Bitcoin.

<b>Hard fork</b>

Many analysts blame the split of ‘bitcoin cash’ into lower values via a so-called ‘hard fork’ for the recent turmoil.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a>. Whoops. <a href="https://t.co/iVv9BklgA1">pic.twitter.com/iVv9BklgA1</a></p>&mdash; JL (@Europeindecline) <a href="https://twitter.com/Europeindecline/status/1064752750217625600?ref_src=twsrc%5Etfw">November 20, 2018</a></blockquote>

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Mike McGlone, an analyst for Bloomberg Intelligence, agrees. He says the recent drop “was sparked by the pump for the Bitcoin Cash hard fork,” adding that the “pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good old days. But this is an enduring bear market”.

<b>McAfee</b>

Meanwhile, one of the crypto’s biggest fans, internet legend John McAfee, tweeted some hopeful words: “People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen these dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.”

Source:

https://www.coindesk.com/price/bitcoin

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