cryptocurrency Kris Marzsalek, CEO of exchange Crypto.com, recently Bitcoin He shared his views on the current situation of the market. In an interview with CNBC’s Squawk Box, Marzsalek said he believes Bitcoin’s recent price correction is a ‘healthy’ part of the market cycle.
Since last year, Bitcoin price has increased by more than 150%. Marzsalek attributes this rise mainly to inflows into Bitcoin ETFs:
“This is a very successful product. “There is a supply problem, so this needs to be reflected in the price.”
The price of Bitcoin recently fell from its all-time high of around $73,000 to around $65,000. Marzsalek sees this correction as a ‘healthy’ move that removes some of the leverage that has accumulated in the system:
“What we want to avoid are sudden, super aggressive spikes. “We want to see steady inflows into the industry, into Bitcoin and other coins, that will take us approximately 12 to 18 months.”
When asked about the role of individual participants in current market dynamics, Marzsalek believes there is still a way to go in this cycle:
“We have a ton of proprietary data, so we can look at what’s happening in the 2021 cycle from an individual investor perspective and compare it to what’s happening right now. “Looking at the data and the target, we are probably in a situation similar to December 2020 or January 2021, which is a signal from the retail investor side.”
Marzsalek also noted that Bitcoin’s current price movements are mainly driven by the options market. “This level of volatility is actually quite low compared to what we’ve seen in previous cycles,” he said:
“I think you’ll see a steady rise and that’s what we want. “This is an asset you will want to hold on to for decades.”
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!