No Panic: Crypto Community Reaction on Bitcoin Collapse

The beginning of 2018 pleased the crypto community much more, than current week. This year, Bitcoin set a positive record on January, 7th. According to CoinMarketCap, when the rate of the first cryptocurrency flew up to the mark of $17 527 for one coin. The Anti-record was settled this week, November, 20, with the rate of $4 279. As a result, within 11 month, Bitcoin fell by 75%.

Today, November, 21, at the moment of 11:30 UTC, Bitcoin rose slightly – up to $4 665 for one coin. Despite the drop in prices, BTC is still confidently covers more than half of the crypto market in terms of capitalization,
and $ 81,114, 287, 644 in total.  

Not only the Bitcoin rate has been a victim of collapse. Even Ethereum  has seeded his 2nd position by Ripple capitalization. The crypto industry has become more and more discussed in a last few days.  But incredibly, the panic within the community is mild, and some individuals are treating the situation inside the market  with some kind of irony. You may learn about it from different crypto enthusiasts Twitter profiles.

CoinShare security manager Meltem Demirors, noticed the possibility of a broad cultural shift for the industry in front of depreciation:

Binance CEO Changpeng Zhao, commented the collapse of BTC in his Twitter:

Also added:

The entrepreneur Andreas Antonopoulos, who is regarded in the crypto community as a preacher of cryptophilisophy, in his Twitter gave recommendations about the current market situation:

The trader and publisher of the weekly Factor Service Peter Brandt, shared his observation about cryptocurrency liquidity:

American trader Jacob Canfield, in his Twitter gave a comic forecast for the Bitcoin price:

In general, the crypto-community is divided into two camps : the first one blames Bitcoin Cash hardfork, and the second one is convinced that such low drop is a common economic phenomenon and we just have to wait. For example, Fundstrat Global Advisors analyst Tommy Lee, believes that Bitcoin will grow up to $15 000 by the end of 2018.

We want to remind you, that previously Tom predicted the rate’s growth  by $25 000, but in July, he suddenly changed his mind and decreased the rate till $20 000.

Tom Lee: Bitcoin Might or Might Not Reach $25K by the End of 2018

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