New Bitcoin Prediction Is Out: CNBC’s Brian Kelly Analyzes Investment Thesis | CryptoGazette

No. Of Bitcoin Addresses Holding Between 0.01 And 1 BTC Grew By 710k Since The Beginning Of 2021 | CryptoGazette

CNBC contributor Brian Kelly assesses Bitcoin’s value following the recent sell-off. He said that the reasons to invest in BTC are intact despite this week’s massive plunge.

He said that Bitcoin falling in price from around $45,000 to slightly above $30,000 in a matter of hours a “mechanical sell-off.” Kelly is still bullish on BTC’s overall trajectory and says he’s a buyer.

“On days like today, I always ask myself, ‘Has my thesis broken?’ And for me what’s driving this Bitcoin market, is institutional adoption and a hedge against currency debasement…” he said.

He continued and pointed out: “So I have to say no, my thesis isn’t broken. This is just a mechanical sell-off that got exacerbated and I want to be a buyer.”

He also said that the Bitcoin crash is mostly due to a deluge of liquidations in the options market and the resulting high volumes that brought some exchanges to a crawl.

“Primarily the biggest part of this sell-off was due to margin calls and liquidations. And the exchanges couldn’t handle the volume – they effectively stopped trading and it just cascaded down.”

Check out the video below in order to learn what more he had to say.

Buying the dip and selling during the crash

Anthony Pompliano posted some pretty interesting data about who bought the dip and who sold their Bitcoin during this week’s extreme price volatility.

Check out his post here.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $35,829.35.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

France has refused to grant the extradition request filed by Russia for BTC-e operator Alexander Vinnik, who is serving prison time for money laundering.

French denies extradition of BTC-e operator Alexander Vinnik to Russia.

Cardano price

Cardano Sets itself up for upward reversal despite altcoin market crash