Joseph Lubin, one of the most important individuals in the crypto market, said that the bear market is already over. In a recent tweet, he said that he is calling the ‘cryptobottom of 2018,’ that is marked by an ‘epic amount of fear.’ Since the beginning of November, Bitcoin lost more than 35% of its price and since its all-time high, it lost around 82% of its value. In the last few days, Bitcoin moved from $3,250 up to $4,300 in some exchanges.
Joseph Lubin Calls a Bottom
Joseph Lubin, a Canadian entrepreneur that is known for co-founding Ethereum and running ConsenSys, is currently bullish about Bitcoin (BTC). He said in a recent tweet that the market has already reached a bottom.
“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.”
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 series of tweets, he has also talked about the situation that ConsenSys is currently experiencing. A few weeks ago, in an article released by Breaker Magazine, they say that ConsenSys entered a new phase called ConsenSys 2.0. The main intention behind this shift was to become more efficient, paying close attention to revenue. They mentioned that some projects that do not perform as expected would be left behind.
In the thread written on Twitter, Lubin says that ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities. He explained that they are also thinking about different ways to continue support projects that might not be suitable for the ConsenSys 2.0 vision.
In a recent report, ConsenSys could also be reducing its staff 60% in order to be in line with the market. Although Lubin was clear explaining that ConsenSys is just being reorganized, several companies were not able to survive this bear market that started at the beginning of 2018.
However, ConsenSys is not the only company that is reducing its staff. After this bear market, several companies have been reducing the number of employees working in the space.
There are other experts and entities that have also called for the bottom. This is the case of Galaxy Digital, the digital bank created by Mike Novogratz. In a letter to its clients, Galaxy Digital informed that this rally experienced in the last days could lead to something bigger in the future.
At the time of writing this article, Bitcoin is being traded close to $3,910 and it has a market cap of $68.14 billion.
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