Ethereum Founder Joseph Lubin Says the Crypto Market Has Bottomed
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018
In a lengthy Twitter thread, Lubin defends the current state of the market and the health of the technology development in the wake of a report that indicates ConsenSys is planning on laying off up to 60% of its staff as it looks to spin-off its internal startups.
“We have been on the receiving end of an epic amount of conjecture and preemptive paranoia — filled with damning rhetoric about situations journalists and bloggers don’t have real data for, actual insight into, or understanding of,” Lubin said.
Despite the restructuring, ConsenSys continues to invest in external projects and hire for internal projects at the firm’s core, added Lubin.
While it’s unclear whether the health of ConsenSys really has any barrings on the direction of the crypto market, Lubin is adamant that the underlying fundamentals indicate a bottom has been made
Other industry experts and traders disagree with Lubin’s sentiment. Most recently, veteran technical trader Peter Brandt, who notably called the 80% Bitcoin (BTC) retrace, believes that the leading digital currency has more pain ahead. Brandt thinks that if Bitcoin’s current rally fails, it will test the $3,000 psychological level and head towards $1,200 by the end of Q1 2019.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.