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- Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value.
- There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt.
Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt. But the head of research at the blockchain investment company Sino Global Capital, Dermot McGrath, has said that the firm prefers to look long-term.
Last week, the Chinese government had seized $4.2 billion worth of crypto assets as a part of the Plustoken pyramid scheme and the court proceedings relating to it. After news broke on this, rumours were flying around the industry that these tokens were getting ready to be dumped on the open market and as a result, prices crashed further.
On Twitter, the chief executive officer of the blockchain investment company, Matthew Graham said the following on the Ponzi scheme:
hmm my interpretation was *mostly* sold but yes, there’s no need for FUD, agree https://t.co/NAq5iSRoXz
— Matthew Graham (@mattysino) November 27, 2020
Furthermore, McGrath spoke in an interview recently with CT saying that investors should look outside of the immediate headlines going on to note:
“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise. We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class.”
McGrath went on to discuss the topic of Chinese crypto miners saying that many have predicted that these individuals could conduct a 51% attack on the network for bitcoin but rejects this saying:
“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding. In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”
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