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 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 further.
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