Analyst: It’s ‘very typical’ to see big pullbacks during crypto bull runs

Odaily Odaily News: Bitcoin fell from its all-time high earlier this week. As of Friday's European session, Bitcoin had fallen by more than 10% for three consecutive days. The shrinking space for loose monetary policy in the United States has curbed speculative enthusiasm. In the European session on Friday, Bitcoin continued its decline and once approached $95,000. Earlier, Bitcoin had just set a record high of more than $108,000. This round of decline in the crypto has had a greater impact on Altcoin such as Ethereum and Dogecoin. On Thursday, a group of U.S. exchange-traded funds (ETFs) that directly invest in Bitcoin ended their 15-day inflow of funds, setting a record of $680 million in outflows, highlighting the shift in market sentiment. Strahinja Savic, head of data and analytics at FRNT Financial, said it was "very typical" to see such a sharp correction in the cryptocurrency bull market, while QCP Capital said in a report that the root cause of the sell-off was the market's "overly optimistic" positions. (Bloomberg)