PRESS RELEASE: eToro’s Analyst Does Not Believe Short-Term Events Dragged Cryptos Downside

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eToro’s senior market analyst, Mati Greenspan, does not believe that the current downtrend in the overall cryptocurrency market is the result of a hard fork of bitcoin cash . In short, he believes that the short-term events are not the cause for the recent downfall. The overall digital currency markets struggling to make any significant progress since nine out of the top ten virtual assets are trading down in double-digits in the 24-hour period.

Look At Bigger Picture

In a tweet, he asked why XRP is also dropping if bitcoin hard fork is responsible for the drop. Therefore, he counseled investors to relax and stop interpreting the short-term events. On the other hand, he wanted everyone to look at the larger picture of the complete cryptocurrency market in the last few years and see how it is performing. For instance, he pointed out that bitcoin price jumped more than 500 percent since January 2017 and thought that ‘this is just a retracement .’

If this plunge was caused by the BCH hard fork drama, then why is XRP falling as well???

Please let’s all relax, stop grasping at short term events, zoom out, and look at the bigger picture.

Bitcoin is up 500%+ since Jan-2017. This is just a retracement!!!

— Mati Greenspan (@MatiGreenspan) November 20, 2018

Neil Wilson responded that forks only demonstrated the finite coins number and termed it as ‘nonsense .’ Greenspan said that the most valuable cryptocurrency was not affected by these forks if only forks are followed. Another tweet from Pablo Cryptobar said “What’s going on is probably something not meant to be understood. Yet people can’t accept this fact and stay away from telling the future. But my friend, I truly hope that you are right.”

XRP Gain Is Significant

If one compares bitcoin and XRP since January 2017, then XRP delivered 17,000 percent gain, according to Nick Chanas. This is not the only case as another user pointed out that the XRP returned to the level seen two or three backs back whereas bitcoin price plunged 30 percent during the same period. Aside from that, the highest valued digital coin price has not been in the current price level after October 2017.

On the other hand, XRP price doubled since October last year. However, the Cryptologist does not like comparing the current price with that of January 2017 levels thus justifying the gains since only a few people would have acquired at that price. Another tweet said that ‘bitcoin is dead again, well in a few months anyway. ’

John McAfee has indicated that all this decline was caused by confusion.

What caused this decline?

Confusion. The embarrassment of public brawlings. Fear from institutions who took absurdly unenforceable measures to allay their fears. Uncertainty in the minds of traders. But mostly ignoring the implications of a massively growing base of Crypto users.

— John McAfee (@officialmcafee) November 20, 2018

John also invites everyone to restrain from prices, relax and wait for a bright spring.

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

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