- The crypto market is seeing widespread sell-offs, with most crypto assets in red.
- Bitcoin’s dump below $60k and the general price collapse in the crypto prices has some investors scrambling to book profits.
- ARK36 executive director Mikkel Morch says the market remains bullish
Bitcoin plunged 9% in 24 hours to break below $60,000 as the crypto market price rout wiped out more than $400 billion off the total cryptocurrency market cap. According to data from CoinGecko, the crypto market cap shrank to $2.7 trillion, shedding nearly 10% off recent highs of $3 trillion.
Crypto analyst Michael van de Poppe says the corrections are normal and part of the many waves that hit the crypto market.
https://twitter.com/CryptoMichNL/status/1460574620348665857
Last week, Mikkel Morch, the executive director at EU-based crypto hedge fund ARK36 told CNBC that Bitcoin price was primed for a run above $70,000, reiterating that the uptick towards the target was fundamentally not leverage-driven. Rather, he commented, the rally drew momentum from increased demand across the spot market, which at the time did not signal much sell-side liquidity.
In comments made on Tuesday, Morch said what has happened is Bitcoin defying expectations and that crypto remains on a positive trajectory.
“At the moment, the overall bullish market structure remains largely intact,” the ARK36 exec told Forbes.
After an extended drawdown sent BTC price to lows of $59,150, buyers have reacted to see the cryptocurrency change hands above $60,400 and are looking to recoup some of the losses seen in the past 24 hours.
In the broader market, there were double-digit losses for most altcoins, including Ethereum, which declined by more than 11% to trade near $4,100. Other big losers on the day were Cardano (ADA), XRP (XRP), Solana (SOL), Litecoin (LTC), and Shiba Inu, which had all at one point traded between 10-15% down on the daily timeline.
The post Crypto remains bullish despite price rout, says ARK36 exec Mikkel Morch appeared first on Coin Journal.
