Germany and Mt.Gox Effect on Bitcoin is Exaggerated: There is an Interesting Opportunity According to NYDIG

NYDIG official said that the effect of Germany and Mt.Gox in the declines in cryptocurrencies may be exaggerated.

NYDIG head of research Greg Cipolaro examined the impact of Germany and Mt.Gox in a statement on Wednesday, July 11. He noted that Bitcoin and cryptocurrencies have experienced serious declines in recent weeks, but the blame for these declines cannot be blamed only on Germany and Mt.Gox transactions.

However, he noted that this correction, to which investors are exaggeratedly fearful and reacting, may present a good opportunity for buying:

While emotions and psychology will dominate in the short term, our analysis suggests that the price impact from potential selling may be exaggerated. We are not unaware of the fact that other factors may be at play here, but it is reasonable to think that the rational investor might see this as an interesting opportunity created by irrational fears.

In recent weeks, both MT.Gox's back distributions and the German government's sending of large amounts of Bitcoin to the stock exchanges have created serious tension in the market.