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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Jed McCaleb: It’s Not a Bear Market, Crypto Is Just Calming Down

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Early crypto evangelist and arguably one of the most influential figures in the space, Jed McCaleb, says we’re still not in a bear market despite continued price decline and investor fatigue.

In fact, the man who has had a hand in everything from the notorious Mt. Gox cryptocurrency exchange, to Ripple and Stellar, says that the crypto market is just “calming down,” and is “still way way up” since its inception.

McCaleb: Not a Crypto Bear Market, Price Doesn’t Matter To Us

While speaking on a phone interview with Yahoo! Finance, co-founder and chief technology officer of Stellar, Jed McCaleb, was questioned about his key takeaways from his near decade-long experience in the industry, if Bitcoin and blockchain will ever be adopted by financial institutions, and about the ongoing cryptocurrency bear market.

McCaleb seemingly laughed off the mere thought of cryptocurrencies being in a bear market, saying it was “funny when people say crypto is down.”

Related Reading | Crypto Bear Market Led $15 Billion Bitmain to Lay Off Employees

“In my view, it’s still way way up. It’s down from the peak, but on the whole, it’s way way up. We don’t focus on the price that much, it doesn’t matter to us too much,” McCaleb added.

He does suggest that higher prices does bring more interest to the space, which provides companies behind projects with the cash flow for continued development. The current bear market has affected many businesses, who have been forced to lay off staff members, close down operations at key locations, or sell off assets to fund ongoing development and staffing needs.

McCaleb: Million Dollar Crypto Projects With No Technical Merit Are a “Big Shame”

The Stellar co-founder also provides a counterargument to the idea that more cash flow is a good thing for the space. During last year’s bull market, the hype cycle reached levels of exuberance that blinded investors, causing many to buy into scammy ICOs and fill their portfolios full of projects with little-to-no working product in hopes of enormous returns.

McCaleb hopes “that will start to change” with the market “calming down.” He also calls million-dollar projects with “zero technical merit” a “big shame.”

Related Reading | Jed McCaleb Reveals Stellar, Previously Secret Bitcoin Project

Even projects that have the most technical merit and value, such as Bitcoin, may never see the adoption the crypto community hopes for, according to McCaleb. McCaleb, who created one of most prominent bitcoin exchanges of its time, Mt. Gox, doesn’t think that banks will ever adopt Bitcoin.

“I think it’s true that most financial institutions are not going to use bitcoin,” he said.

He does, however, continue to suggest that the Stellar cryptocurrency he co-founded “should” be used as a “universal payment network” due to its strength at facilitating “cross border payments and tokenizing value of any type.”

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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