Nicholas Pelecanos, Head of Trading at NEM, said, “The sell-off was caused by profit-taking, I’m not very concerned about it at this stage.
“Breaking an all-time high is no easy feat so I was expecting volatility at this price.
“The asset is fundamentally stronger than ever so I imagine we will continue to climb. Bitcoins price action is just getting started.”
Rachid Ajaja, CEO and Founder of AllianceBlock, the first globally compliant decentralized capital market, said, “In Bitcoin’s greatest bull run since 2017, we saw price drop for the second time today.
But what makes this time different to what we’ve seen before is how quickly price is bouncing back.
In previous downturns, price has generally only decreased by about 30 pecent. The increase in interest in cryptocurrency from leading global enterprises and governments alike, who have actively signalled that they are now taking the industry seriously is likely to drive a more sustained demand than we’ve seen before – and it’s this demand that’s driving the price.”