It’s safe to
say that Bitcoin has had a rough week. In the past seven days, the
cryptocurrency lost around $1,000 of its value, marking a decrease of around 10
percent. According to veteran entrepreneur and popular cryptocurrency
commentator John McAfee, that is because the US has been putting pressure on
Bitcoin. Yet he remains unfazed and maintains that the price will climb back up
in a week.
McAfee
Reports on Bitcoin Pressure From the U.S.
Just a few
days after being released from confinement, John McAfee is back in charge of
his Twitter account and is weighing in on Bitcoin.
Bitcoin’s
price has been swinging lately with more red than green, and McAfee believes
that pressure from the U.S. has been responsible for that.
McAfee is,
as always, certain in his belief that the US doesn’t have the power to control
cryptocurrencies. He also thinks that Bitcoin’s bull run will resume one week
from now.
Is
Bitcoin in a Slump?
In 2019 we
saw Bitcoin’s price approach $14,000 as the bulls were in control. Since then,
however, the cryptocurrency has been sliding down steadily. After a few days of
swinging around the important support at $10,000, the price plunged by $700 in
about 10 minutes. $9,400 was a major support level which the price has managed
to stay above so far.
While a
segment of the crypto community supports the idea that Bitcoin’s fall has been
strongly related to pressure from the US, McAfee’s prediction for the next week
is a glimmer of hope for the bulls.
At the time
of this writing, Bitcoin is trading at around $9,500 and possesses a market cap
of about $169 billion. It’s also worth noting that Bitcoin’s dominance rate has
decreased by about 1 percent, indicating that alts have managed to regain some
relative strength.
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