Bitcoin's below $8k: what's the move? 😦
In my humble opinion...
he might be eccentric, but he's pretty spot-on here.
We are in a revolution against the waning power of governments and bankers. Their only weapon is sowing fear. If you give into that fear, then it impedes and delays our inevitable victory. Cryptocurrencies are not crashing. They are bending against the impotent wind of the past.
— John McAfee (@officialmcafee) February 1, 2018
Bitcoin dips below $8k this morning and all currencies are down. Here why, and what you should probably do.
Take deep breaths. We saw Bitcoin fall below the $8,000 mark this morning, which didn't feel great (we've had more pleasurable kicks to the groin if you know what we mean). But to us, it seems that people are buying too much into the FUD – while the market and overall news hasn't been fantastic, it's certainly been heading in the right direction.
Maybe you've heard of Jordan Belfort, better known as the Wolf of Wall Street. If you care about his opinion, you'll be happy to know that he thinks Bitcoin will hit $50k and isn't a scam – instead, it's a "perfect storm for manipulation." And that's probably a leading reason why Bitcoin's price is down today – market manipulation from whales, other large investors (yikes), and futures traders. Another leading theory is that many Chinese traders have checked out during Chinese New Year, and the price will recover after mid-February. And the controversy and continuing uncertainty around the future of Tether into the mix and stir. Whether it's backlash over India's cryptocurrency crackdown (although Vice doesn't think so) or highly concentrated FUD, the consensus online is clear: now is the time to buy.
Pro tip: some traders have been speculating about where exactly the price bottom is, and there's been talk of Bitcoin going as low as $5,000. Brace yourself!
No, the world isn't going to end with this market dip. In fact, big tech companies and the EU are heavily investing in crypto and blockchain. So hang tight, for now.
Remember Square, the mobile payment app that dropped Bitcoin as a payment option? Well, it seems they're backtracking and will now provide full Bitcoin support for their American users. Their platform is going provide "easier than ever" access to "instant buying," and is going pro-crypto because the company apparently sees a longer-term vision for digital currencies. Hint: user reports are in, and it's being reported as one of the most intuitive user experiences for a mobile trading app. Square's CEO, Jack Dorsey, also runs Twitter, which means that there are some pretty powerful players rallying support for digital currencies.
The European Union is partnering with the blockchain and crypto-focused startup Consensys to help build the EU Blockchain Observatory and Forum. This project will distribute $425 million to blockchain projects over the next two years; a massive step towards a macro-level adoption and normalizing the blockchain world. Europe's Vice President for the Digital Single Market, Andrus Ansip, was quoted as saying that the initiative wanted to, "build on Europe's substantial talent base and excellent startups to become a leading world region that will develop and invest in the rollout of blockchain." Look out, America.
The Rumor Mill: the SEC may declare all cryptocurrencies fall under the securities umbrella, although we doubt it'll happen 1) soon 2) all at once. The good news is that this isn't a surprise for crypto devs, and most likely won't slow down any projects.
FedEx is going to use blockchain to "transform the logistics industry," which is one of the least efficient aspects of supply-chain management. Nice!
Coin to Watch
0x (ZRX) is dipping right along with every other cryptocurrency right now but may be due for a significant long-term recovery.
Spend your crypto on...
this babe-magnet of a synthesizer. Nothing like a Roland Juno-106 Synthesizer ($1,400) to really woo the ladies.
If you send me 0.1 ETH, I will send you nothing, because I am too lazy.
— Vitalik Buterin (@VitalikButerin) February 1, 2018