Pantera Capital CEO Dan Morehead described the panic caused by the selloff in the crypto market as common.
According to him in the latest tweet, the best time to buy crypto is when the market is under trend.
This is evidenced by Bitcoin’s record cheapness, compared to its trend of 20.3% for the past 11 years.
In fact, Morehead assures that year -on -year returns do not show Bitcoin is ‘overvalued’: "Currently it is trading at 281% year -on -year, which in turn will be because money printing took place during the period."
Three factors contributed to the collapse of the crypto market:
1/ Restrictions on the crypto industry in China play a role as a major cause. However, this is not the first time, but many times.
2/ Tax Day in the United States (US) encourages investors to liquidate their holdings for their tax rates.
3/ None other than Elon Musk who suddenly announced Tesla’s decision to suspend the use of Bitcoin (BTC) last May.
However, this is just the view of the CEO of Pantera who sees this situation as an opportunity for investors to add to the portfolio.
Intraday readers are encouraged to do their research first, DYOR to avoid any untoward things from happening that eventually invite regret.
The crypto market saw a 42% collapse in market value from the all -time high (ATH), $ 2.5 trillion in mid -May. At the time of writing, records show the market value is at $ 1.6 trillion.
