No need to fear the Bitcoin FUD, says Sino Global Capital

In the midst of the crippling price dips earlier this week, cryptocurrency traders seemed beset on all sides by fear, uncertainty, and doubt. However, Dermot McGrath, head of research at blockchain investment firm Sino Global Capital, said the firm prefers taking a long term view.  Shortly after a Thanksgiving Bitcoin dip to $16,200, news broke that the Chinese government had seized $4.2 billion in cryptocurrencies as part of the Plustoken Ponzi scheme court proceedings. Rumors swirled that those tokens were poised to be dumped on the open market, crashing prices…

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Bitcoin FUD and negative social sentiment typically precede a bounce

On-chain analytics provider Santiment asserts that Bitcoin and crypto assets tend to bounce when social sentiment indicates there is a lot of fear, uncertainty and doubt, which suggests that now is a buying opportunity. According to its Bitcoin weighted social sentiment against price chart, this is exactly what is currently going on. Since its weekend lows, Bitcoin prices have recovered around 2.4% to current levels. https://t.co/bFKcBHUDY4 1) Prices of $BTC and other #crypto assets tend to bounce most precipitously when the crowd is demonstrating a high level of FUD. This…

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