Monday, October 25

CNBC Analyst Brian Kelly Evaluates Bitcoin’s (BTC) Big Drop

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CNBC analyst Brian Kelly evaluated Bitcoin’s recent steep fall. In a recent CNBC interview, Kelly says the reasons for investing in Bitcoin remain unchanged despite this week’s dramatic price drop.

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Kelly said that Bitcoin would drop from $ 45,000 to $ 30,000 in just a few hours. “Mechanical selling” He describes it as. The analyst, who remains optimistic about BTC’s overall direction, adds that he is also a buyer:

“On days like today, I always ask myself, ‘Is my thesis broken?’ And for me, what drives this Bitcoin market is a safeguard against institutional adoption and the devaluation of coins …

That’s why I have to say no, my thesis is intact. It’s just a heavy mechanical sale and I want to be a buyer. “

According to Kelly, the Bitcoin drop was largely due to a liquidation flood in the options market, resulting in some exchanges slowing down with high volumes:

“First of all, the biggest part of these sales was due to margin calls and liquidation. And the exchanges couldn’t handle the volume – they effectively stopped the trading and gradually dropped. “

Kelly also suggests that China’s move to restrict financial institutions from providing cryptocurrency-related services just prior to the Bitcoin price drop was motivated by plans to ensure the successful acquisition of the world’s most populous country’s digital renminbi (RMB):

“What China actually does is probably based more on the fact that they launched the central bank digital currency (CBDC), which is the digital RMB. And so they wanted to make sure that no one was on the channels, everyone would use digital RMB.

Once they have the digital RMB, there is no reason for them to be able to turn them back on. Unlike something like Tether (USDT), it seems like the entry is digital RMB. “

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