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The head of Bitwise called the Bitcoin decline an opportunity for some investors
According to Horsley, the drop in the price of the leading cryptocurrency is perceived differently in the market. Long-time coin holders are trying to exit their positions, while new investors are showing optimism.
“Right now, institutional players are seeing prices they thought were gone forever. The current situation is an excellent opportunity for all newcomers to enter the market. Trading volumes are rising, and there are both sellers and buyers,” said the head of Bitwise.
The top manager noted that the crash of the crypto market and major cryptocurrencies occurred at an unusual time — against the backdrop of growing interest in Bitcoin from large investors and improving regulation. While the leading cryptocurrency remains in a bear trend, it is being affected by unfavorable economic factors, and many investors are trying to sell anything that has at least some liquidity, Horsley said.
Nevertheless, demand for Bitcoin remains high, which in the future could help the asset build a solid foundation for growth, the Bitwise CEO concluded.
Earlier, ProCap Financial Chief Investment Officer Jeff Park suggested that the Bitcoin market could show a bullish trend even if the U.S. Federal Reserve does not cut interest rates.
See also: "Bernstein called the recent Bitcoin drop the least significant"
