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Crypto.com CEO Kris Marzsalek Sees Bitcoin Price Correction as Positive Sign

During an interview with CNBC, Kris Marzsalek, CEO of Crypto.com, described the recent decline in Bitcoin price as a “healthy” market adjustment.

After a period of bullish momentum that propelled Bitcoin to unprecedented levels, the cryptocurrency encountered a correction, presently valued at $68,715 as per CoinMarketCap. With investors turning their focus to the dip, Marzsalek addressed this recent fluctuation, portraying it as a typical occurrence in the market’s cyclical pattern.

Bitcoin Dropping from $73,000 is “Healthy”

Marzsalek initially delved into the contributing factors shaping the current market dynamics, pinpointing the significant impact of Bitcoin exchange-traded funds (ETFs) in driving up the cryptocurrency’s value.

“The surge primarily stems from the influx of funds from Bitcoin ETFs,” Marzsalek stated. “There’s an issue with the supply side. Hence, it must be factored into the pricing.”

When questioned about Bitcoin’s drop from its peak above $73,000, Marzsalek provided a direct analysis. “I view it as a positive development,” he remarked, underlining the importance of such corrections in mitigating excessive market leverage.

Marzsalek advocated for gradual progress over sudden spikes, indicating that the ongoing activities would foster a more stable and sustainable market cycle in the next 12 to 18 months.

Marzsalek Sees “Steady Ramp Up” Ahead

Over the past few days, the volatility observed in Bitcoin has prompted inquiries into the immediate factors influencing its movement. Marzsalek clarified, drawing from Crypto.com’s extensive data, that the fluctuation mirrors activities in the options market and is not unusually high compared to past cycles.

“We can analyze the 2021 cycle from a retail perspective and juxtapose it with the current situation,” Marzsalek explained. “Likely in December 2020 and January 2021, we observed similar metrics.”

“This level of volatility is actually relatively low compared to what we’ve witnessed in previous cycles,” Marzsalek remarked.

Marzsalek foresaw a “steady ramp up” in the future as the market size expands and sudden dips occur less frequently.

“This is an asset meant for long-term holding, spanning decades, not just days or weeks,” Marzsalek concluded.

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