-FOR IMMEDIATE RELEASE-
August 27 2018
The recent sell-off of Bitcoin and other cryptocurrencies was simply a standard market correction, observes the CEO of one of the world’s largest independent financial advisory organizations.
The comments from Nigel Green, founder and chief executive of deVere Group, come as Bitcoin – the world’s biggest cryptocurrency by market capitalization – was close to almost its lowest point of the year two weeks ago and continued its bearish action last week. Other major digital currencies also experienced a sell-off over the last fortnight.
But the crypto market headed back into the green on Monday, posting positive results as the bulls push Bitcoin back on a rally.
Mr Green, whose firm launched the cryptocurrency exchange deVere Crypto at the beginning of 2018, says: “Cryptocurrency markets are subject to volatility more than traditional ones.
“Despite what the doom mongers would want you to believe, the recent sell-off was only ever going to be temporary and prices were bound to rise again relatively quickly – as they are now doing.
"Previous to this sell-off, in recent weeks Bitcoin had experienced a pretty impressive rally, peaking at around $8,300. As such, what happened over the last fortnight was simply a standard crypto market correction.”
He continues: “For many investors, such volatility, of the kind that we saw recently, is used as a welcome buying opportunity.
“They look at the bigger picture. That’s to say, in today’s world, a digital, global currency simply makes sense to them. Or to put it another way, they believe that cryptocurrencies are the future of money.