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Brock Pierce, Bitcoin Foundation Chairman, told GOBankingRates that the selloff in Bitcoin and other cryptocurrencies has mainly been driven by the technology-led global market selloff.
Bitcoin was hovering around $35,500 on May 6, a sharp 9.7% drop in the past 24 hours, according to CoinMarketCap data.
Chris Brookins, co-founder and CEO of RociFi, told GOBankingRates that he suspects we are in the beginning stages of a deeper sell-off with Bitcoin and the crypto industry at large.
“So if you are looking to buy and hold, then it’s always good to start scaling in carefully when there’s proverbial blood in the streets,” he added, while also pointing out the relative strength of Ethereum in this market — which is down about the same percentage-wise as Bitcoin, but well above its yearly low.
Russell Starr, CEO of DeFi Technologies, told GOBankingRates that with macro conditions as bad as they have been, it is impressive that markets have held on for as long as they have.
“I’m very confident that the prices of Bitcoin and Ethereum won’t stay this low forever, but if you want to make a profit at an exponential scale, DeFi, for example, could be a good place to look here.
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