homemarket NewsCrypto sell off: Bitcoin price could see another bottom, says Bernstein’s Gautam Chhugani
Crypto sell-off: Bitcoin price could see another bottom, says Bernstein’s Gautam Chhugani
There was a massive sell-off in the cryptocurrency market on Wednesday led by a 30 percent drop in bitcoin, which hit the lowest level in three and a half months. Gautam Chhugani, Director of Indian Financials & Fintech at Bernstein shared his views.
There was a massive sell-off in the cryptocurrency market on Wednesday led by a 30 percent drop in bitcoin, which hit the lowest level in three and a half months.
Bitcoin at one point, reached USD 30,000 mark, Ether broke below USD 2,000 and the NASDAQ Crypto index fell sharply down 34 percent from its May 11 highs.
At one point during the meltdown, nearly $1 trillion was wiped off the cryptocurrency's market capitalization.
Gautam Chhugani, Director of Indian Financials & Fintech at Bernstein shared his views.
“Large corrections usually end up with close to 50 percent. That is the thumb rule correction for Bitcoin and maybe slightly more for others. So USD 65,000 was the peak and USD 30,000 was the bottom, so you have probably at that range. Maybe we could see another bottom but high chances that that was probably the bottom,” he said.
“Over a long period of time bitcoin retains purchasing power but because it is a new asset and we haven’t seen anything of that sort, you will kind of see this whole space where the market gets a bit nervous,” he added.
For the full interview, watch the accompanying video
(Edited by : Abhishek Jha)
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