Crypto Currency News

Those responsible for the latest bitcoin price drop

The opinion of Raoul Pal, CEO of Real Vision.

Since the bitcoin (BTC) price hit its all-time high above $ 68,800 in mid-November, the cryptocurrency experienced volatility of up to 25% in just over a month. According to Raoul Pal, CEO of Real Vision, those responsible for the fall of BTC are the institutions, which have taken profits to close the year with good internal returns.

Pal’s argument finds support in the data of several crypto analysis firms such as Glass node or Coin Shares: the market data indicates that between May and October there was a marked increase in cryptocurrencies in the fund managers, and the recent massive sale came of portfolios that accumulated assets during that period.

See also  Bitcoin price still fails to achieve expected recovery and is down 3 perent

“It seems like they ended because the market has been spinning for the last week, which was the last traditional week where everyone squared their books,” Pal slipped during an interview with Stake Borg DAO.

Looking ahead to next year, the businessman expects that, once the companies’ capital is redistributed, investments will be resumed and the market will react quickly to the upside. As institutions begin to understand the benefits of long-term adoption, according to Pal, take-offs will begin to decline.

The illusions of the CEO of Real Vision are also shared by his colleagues at Micro Strategy or Block – Michael Saylor and Jack Dorsey, respectively – who believe that a greater crypto allocation in the portfolios of large companies may lead to a new rally in the market. .

See also  Bitcoin price remains and Ethereum returns to star in the day with a new all time high

“Institutional growth over the last 12 months has been staggering, and we are seeing strong signs that it will accelerate over the next year, both through direct investment and through investment in the cryptocurrency market infrastructure companies themselves.” Explained Genesis Trading’s Noelle Acheson in dialogue with CNBC, as quoted by Coin telegraph.

Tags
Back to top button
Close
Close