What cryptocurrency experts are saying about the ongoing decline
Here's what cryptocurrency experts are saying about the current correction in Bitcoin's price.
Christian Haralambiev, Head of Structured Products at Nexo: “The market may be feeling overwhelmed and lacking a catalyst that may be ready to test further lows in the $50,000 range. On the positive side, today’s sell-off saw little to no liquidation, suggesting that the markets are not... This is highly leveraged and could create an opportunity for market participants to buy into the correction to reclaim the $60,000 range.”
Dmitry Zhelezov, co-founder of Subsquid: “Usually after a fall, the market turns sideways or downwards - this is not surprising. However, a decrease in support for blocks is offset by increased fees, which leads to increased activity in the network.
“As a result, we are seeing the rise of things like rank, runes, brc20, Brc20, Bitcoin VM, and of course Bitcoin L2s. “As this “Bitcoin Renaissance” takes off, we expect a boom in Bitcoin-centric infrastructure projects, and we ourselves at Subsquid are focused "On this growing opportunity through our indexing tools and decentralized data lake."
