In an interview with CNBC, Kris Marzsalek, CEO of Crypto.com, characterized the recent drop in Bitcoin’s price as a “healthy” market correction.
Following an upward trend that has taken Bitcoin to new heights, the cryptocurrency has experienced a correction, and is currently trading at $68,715, according to CoinMarketCap. When the decline caught the attention of investors, Marzsalek discussed this recent change, noting it as part of the natural ebb and flow of the market.
bitcoin’s “healthy” price drop from $73,000
“The move is mainly driven by proceeds from Bitcoin ETFs,” – Marzsalek said. “There is a problem on the supply side. This must therefore be reflected in the price.”
Asked about Bitcoin’s price drop from over $73,000, Marzsalek provided a simple analysis. “I think it’s a healthy move,” he commented, stressing the need for such adjustments to remove excessive leverage in the market.
Marzsalek advocated steady growth rather than sudden jumps, suggesting that current measures will ensure a more stable and sustainable market cycle over the next 12-18 months.
Marzsalek sees “steady growth” in the future
Over the past few days, the volatility seen on Bitcoin has raised questions about the immediate forces playing a role. Marzsalek explained that based on Crypto.com ‘s extensive data, the fluctuations reflect activity in the options market and are not unusually high compared to previous cycles.
“This level of volatility is actually quite low compared to what we have seen in previous cycles,” – Marzsalek said. Marzsalek predicted “steady growth” in the future, while the size of the market will increase and sudden drops will occur less frequently.
“These are assets you want to hold for decades, not days or weeks,” Marzsalek concluded.
