Bitcoin's Price Decline Not Solely Due to Selling Pressure, Says NYDIG Research Head
Bitcoin's recent 15% price decline cannot be solely attributed to selling pressure from bitcoin mining operators, Mt. Gox refunds, and the German state of Saxony, according to Greg Cipolaro, research head at NYDIG. While other factors may be at play, Cipolaro believes that the price impact from potential selling may be overstated and that rational investors may find this an interesting opportunity created by irrational fears. Reports about miners selling their BTC stash en masse after this year's halving event have also been overstated, as publicly listed mining companies actually increased their bitcoin holdings in June. Cipolaro advises against relying solely on blockchain data about miners moving assets without knowing the nature of those transactions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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