Bitcoin experienced significant fluctuations over the weekend. It reached a high of $73,777 last Friday and then fell sharply. It fell to a low of $64,533 yesterday (17th), with the largest drop of more than 12.5% during the period. It was temporarily trading at US$67,452 as of press time, up 2.1% in the past 24 hours.
After Ethereum once broke through the US$4,000 mark on the 14th, it also hit a low of US$3,412 on Sunday, with a maximum drop of 16.5% during the period. It is now temporarily trading at US$3,604, up 1.3% in the past 24 hours.
Crypto.com CEO: The current trend is like the cycle from December 2020 to January 2021
It is worth noting that Kris Marzsalek, CEO of the well-known cryptocurrency exchange Crypto.com, pointed out in an interview with CNBC on Friday that he believed that Bitcoin’s previous rise was mainly driven by the inflow of funds into the Bitcoin spot ETF.
Regarding the obvious price corrections in both Bitcoin and Ethereum, he believes that this is a "healthy correction" that will help reduce excessive leverage in the system. He believes that from a retail data perspective, we may be at the stage of December 2020 or January 2021 of the previous cycle.
After Bitcoin quickly broke through $40,000 from $18,000 during that period, it once fell back to $30,000, but then rose strongly to exceed $57,000 in February 2021.
Marzsalek believes that the current correction in cryptocurrency market prices is mainly dominated by the options market, but this volatility is actually "pretty low" compared with the strength of previous cycles.
Extended reading: Coinbase report: Looking at the trend of Bitcoin after this round of halving from the perspective of supply and demand
Optimistic about the prospects of Bitcoin, Bitcoin should be regarded as a long-term holding asset
As for the prospects of Bitcoin, Marzsalek is optimistic that in the long run, the price of Bitcoin will continue to rise.
"I think you're going to see steady growth, which is what we want. I think it's a result of increasing market size and increasing liquidity. You're going to see less sudden swings. It's something you want to hold Assets for decades, not days or weeks.”
