By : McAfee has warned that the ’s rally may not smooth and consequently offered hodlers tips on how to avoid the anxieties brought up by short-term price fluctuations. According to the influencer, even with the rally prices could still drop at short notice.
In such a situation, McAfee urged investors not to panic ‘under any circumstances’. Per the crypto maverick and 2020 U.S. presidential candidate, ‘short term fluctuations have no meaning. The best way to avoid experiencing the anxieties caused by the volatility is to avoid obsessively checking prices. Instead, McAfee advises, ‘just check the price once every two or three months’.
Do not, under any crcumstances, panic at any drop in price, sudden or otherwise. Surely I have demonstrated that short term fluctuations have absolutely no meaning. Just check the price once every two or three months if you want to be pleased each time you check.
— John McAfee (@officialmcafee)
bitcoin Shoots Upwards – What’s behind the Really?
This comes amidst above $8,000 for the first time in 10 months causing excitement in the space. Since the start of the year, has appreciated by over 100 percent.
price chart | Source: Yahoo Finance
On the Google search engine, the search term has also experienced a renewed surge in interest in the past 30 days.
online searches | Source: Google
Some analysts have attributed the rally to the growing acceptance by large investors. For instance, on May 13 Chicago Mercantile Exchange hit a record high of approximately 33.7 contracts. This amounted to 168,000 bitcoins which at current prices are worth over $1.3 billion.
volumes topped $1 billion for the first time yesterday. Wall Street is in!
— Mati Greenspan (@MatiGreenspan)
The May futures record was an improvement of close to 50 percent from April when another record of 22.5 contracts was set.
asset management firm which suggested that in the first quarter of 2019, hedge funds increased their exposure to by 2400 percent compared to the previous quarter.
bitcoin Haters Are Still out There
Despite the rally, there are those who still remain unconvinced about ’s future and sustainability. This includes ’s columnist Lionel Laurent who has argued that the price of is ‘driven by the madness of the crowds, not fundamental analysis.
is driven by the madness of crowds, not fundamental analysis: A one-standard-deviation increase in the Twitter post count for the word “” yields a 2.5% increase in week-ahead returns via
— Bloomberg (@business)
Laurent also argues that it has ‘no cash flows backing it’ and that it is ‘uncorrelated to financial markets’. He also adds that it has ‘extremely limited real-world application’. This might seem a little harsh given that the rate is growing gradually.
Mainstream Retailers Join the Crypto Bandwagon
Just this week CCN that it will now be possible to pay for groceries using at Amazon-owned retailer Whole Foods. This was made possible by exchange Gemini and payments firm Flexa.
Besides Whole Foods, Flexa has also inked partnerships with other retailers who will now accept crypto-based payments. This includes bookseller Barnes & Noble and domestic merchandise retailer Bed Bath & Beyond according to . Home improvement Lowe’s, luxury department Nordstrom and gaming GameStop are also on the list.
Report: who accepts ? , , , , , , , , , and among
— , DigiByte, & Key Crypto News (@KeyCryptoNews)
Published at Tue, 14 May 2019 12:07:52 +0000
