The cryptocurrency market has experienced a massive drop during the last few days. Going back through the last week, the crypto market has now lost around 30% of its value. Most of the cryptocurrencies lots between 25% and 40%. Bitcoin (BTC) was not the exception. However, John McAfee tried to calm the market saying that this is one of several bear markets that he experienced during his whole life.
John McAfee Tries To Calm Sellers Down
During the last days, the main topic in the cryptocurrency world was related to the bear market in which we currently are. On November 14, Bitcoin was traded above $6,300. However, just a few hours ago, Bitcoin reached $4,380 dollars according to CoinMarketCap. This represents a price decrease of 30% in less than a week.
The last time that Bitcoin was traded around this price was back in October 2017. This general situation has pushed several users to re-think their investment strategy. Will the market keep falling? When will Bitcoin reach a bottom?
John McAfee, one of the most important figures in the crypto space, tried to clam the market down. In a recent tweet, McAfee says that people have panicked after this bear market. He recognizes that the situation is not ideal and that it is not a good moment. Nevertheless, he said that he has already seen this situation several times in many different markets.
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 this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
In another tweet, he said that the most important is to think about the long term. He explains that having a long-term strategy is the only way smart people invest. Of course, he accepts that this is not easy. For him, greed, fear, and doubt will override the intellect in ‘99 out 100 seekers. Long-term thinking requires enormous courage. It’s not for weak.’
Although the cryptocurrency market is going down, Bitcoin and other virtual currencies are expanding. For example, Bitcoin’s lightning network has been steadily growing during this year. Just a few days ago, the network capacity has increased up to 332 BTC, equivalent to $1.86 million dollars. The number of channels per node has also grown. They’ve reached an average of 13.1 channels per node.
XRP, for example, one of the most resilient virtual currencies during the last drop, might be adopted by new financial institutions. Ripple is working day after day so as to expand the products and services it is offering. Some of their services use XRP, which could be very positive for the future of this digital asset.
The market is falling, right. But following John McAfee, we need to take a look at the real developments that are taking place in the space.
Bitcoin is currently being traded close to $4,750 dollars. It also has a market capitalization of $82 billion dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
