The past week has been very tough for the cryptocurrency market as the price of Bitcoin went down to almost $8,000.
The drop of 20% became the talk of the town among the cryptocurrency community as they were afraid of the consequences if it prolongs. According to Ikigai Asset Management’s Founder, Travis Kling, the increase in repo transactions, together with the Eurodollar marketplace turmoil is the reason for the recent price plunge.
Kling stated to Yahoo Finance that bitcoin is a risky asset with a specific set of investment characteristics, becoming increasingly more attractive. “Hard to say what happens between now and the end of the year…but it is our base case that bitcoin makes a new all-time high in the next 18 months. That’s twenty-thousand”, he concluded.
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