Crypto.com CEO Kris Marszalek stated that the recent price correction of Bitcoin is a “healthy correction.” Currently, it may be in a phase similar to December 2020 or January 2021.
Bitcoin experienced significant volatility over the weekend, with a high of $73,777 on Friday and a low of $64,533 on Sunday, representing a maximum decline of over 12.5%. At the time of writing, it is temporarily reported at $67,452, showing a 2.1% increase in the past 24 hours.
Source: Trading View
Ether
After briefly surpassing the $4,000 mark on the 14th, Ethereum dropped to a low of $3,412 on Sunday, with a maximum decline of 16.5%. It is currently reported at $3,604, showing a slight increase of 1.3% in the past 24 hours.
Source: Trading View
Crypto.com CEO: Current trend resembles the period from December 2020 to January 2021
Notably, Kris Marszalek, CEO of well-known cryptocurrency exchange Crypto.com, pointed out in an interview with CNBC on Friday that he believes the previous rise of Bitcoin was mainly driven by funds flowing into Bitcoin spot ETFs. Regarding the significant price corrections of Bitcoin and Ethereum, he considers it a “healthy correction” that helps reduce excessive leverage within the system. He believes that from a retail data perspective, the current phase may be similar to December 2020 or January 2021.
During that period, Bitcoin rapidly surged from $18,000 to over $40,000, then briefly dropped to $30,000, but subsequently experienced a strong rally in February 2021, surpassing $57,000.
Marszalek believes that the current price correction in the cryptocurrency market is mainly driven by the options market, but compared to the previous cycle, this volatility is actually “relatively low.”
Further reading: Coinbase Report: Analyzing Bitcoin’s Post-Halving Trend from Supply and Demand Perspective
Source: CoinGecko
Positive outlook on Bitcoin’s future, should be seen as a long-term asset
Regarding the future of Bitcoin, Marszalek is optimistic and believes that the price of Bitcoin will continue to rise in the long run.
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