Bitcoin ETF

Bitcoin

In the last four weeks, Bitcoin’s (BTC) price has rallied significantly, <a href="https://thecoinrise.com/bitcoin-btc-achieves-72k-ath-sparking-interest-from-ethereum-eth-pushd-pushd-e-commerce-enthusiasts/" rel="noopener noreferrer nofollow">rising to as far as $72,000</a>. Within one week, the leading digital asset by market capitalization registered more than 7%. Cumulatively, the price of Bitcoin has surged by over 150% compared to this period last year. The positive momentum coupled with some metrics, led several market analysts to predict a higher market value for BTC in the coming months.
<h2 id="b-bitcoin-rally-attributed-to-spot-bitcoin-etf-inflows-b-span-style-font-weight-400-span">Bitcoin Rally Attributed to Spot Bitcoin ETF Inflows&nbsp;</h2>
Kris Marszalek, the CEO of Crypto.com attributed the <a href="https://thecoinrise.com/record-bitcoin-etf-inflows-propel-btc-to-new-ath-of-73637-47/" rel="noopener noreferrer nofollow">Bitcoin price rally to the huge inflows</a> going into spot Bitcoin ETFs that were <a href="https://thecoinrise.com/us-sec-grants-official-approval-for-a-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">approved</a> by the United States Securities and Exchange Commission (SEC) in January. “This is a very successful product,” the Crypto.com CEO said. “There is a problem of supply, so it has to be reflected in the price.”
The <a href="https://thecoinrise.com/spot-bitcoin-etfs-over-100000-btc-accumulated-in-seven-days/" rel="noopener noreferrer nofollow">inflows registered by the spot Bitcoin ETF market</a> truly underscore Marszalek’s speculation. Many of the newly launched <a href="https://thecoinrise.com/spot-bitcoin-etfs-hit-10b-in-aum-details/" rel="noopener noreferrer nofollow">Bitcoin ETFs are doing so well</a> that they recently outperformed gold ETFs.
<h2 id="b-bitcoin-price-plummet-to-67k-b">Bitcoin Price Plummet to $67K</h2>
The new turn of events is that the Bitcoin price has sunk to around $65,000. CoinMarketCap data precisely shows that at press time, <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">BTC was trading at $67,946.74</a> with a 0.65% plunge in the last 24 hours. While other crypto enthusiasts are concerned about the significant drop in value, Marszalek believes that the current price correction is “healthy.”
He strongly <a href="https://www.youtube.com/watch?v=u3KArEgmqFw" rel="noopener noreferrer nofollow">believes</a> that the market is having a recurrence of the December 2020 or January 2021 stage of the last cycle. The crypto boss described the current correction as a healthy move that eliminates a percentage of the leverage built on the system and prevents aggressive price spikes.
<h2 id="b-bitcoin-is-a-long-term-investment-b">Bitcoin is a Long-term Investment&nbsp;</h2>
In Marszalek’s opinion, Bitcoin should be held for decades as a long-term investment, “not days or weeks.”&nbsp;
Therefore, the price correction is a way to encourage steady capital flows into BTC and even the entire crypto industry. If it happens as expected, there is a possibility that it would “allow us to have a run of about 12 to 18 months,” Marszalek predicted.&nbsp;
This proposed approach is gradual and promotes sustainability to a large extent.
The post <a href="https://thecoinrise.com/crypto-com-ceo-says-bitcoin-price-correction-is-healthy/" rel="noopener noreferrer nofollow">Crypto.com CEO Says Bitcoin Price Correction is Healthy</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Crypto.com CEO Says Bitcoin Price Correction is Healthy

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