Graphic: Rahul Awasthi/ETech
According to cryptocurrency industry insiders, a correction had long been overdue and a few international institutions have liquidated their Bitcoin positions during the period of last week.
If you assess the fundamentals, then it is important to take note that the re-correction was anyway on the cards. Unfortunately the new entrants weren’t aware of this and they are going to always curse the market after getting their hands burnt- stated Akshay Aggarwal, Founder of Blockchained India.
Crypto is a nascent industry in comparison with stock markets which is almost 40 times larger and this can cause more volatility. Needless to say Bitcoin’s crash induced anxiety globally.
Source: Economic Times