Tom Farley, the former chairman of NYSE Group, thinks that Bitcoin (BTC) could retest the $17,000 level.
However, Farley thinks that the crypto asset has bottomed in the short-term and considers the recent price drop as a very good buying opportunity.
Cryptocurrencies also fell below the previous bullish cycle over the weekend. Investors have lost more than $7 billion, according to data from crypto analytics firm Glassnode.
Bitcoin managed to reclaim the $21,000 level earlier in the day. This means a small victory for the bulls.
Arthur Hayes, former CEO of BitMEX, warned the other day that there may be more forced sales due to market uncertainty.
Nobel Prize-winning economist Paul Krugman has argued that the minimal recovery in the crypto industry would simply be the spatter of a dead cat.
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