Arca Chief Investment Officer Jeff Dorman joined CoinDesk’s Brad Keoun on Thursday, Oct. 24, to speak concerning the present downward development in crypto pricing and why issues could also be wanting up. (On Friday, bitcoin’s value shot up 13 p.c to greater than $8,400.)
“It’s always difficult real-time to understand what’s causing a price decline or a price appreciation. After the fact, you can piece together pieces of news that may have caused it,” stated Dorman, including:
“I think over the last months, not just yesterday, you’re definitely seeing some miners selling, which is causing some downward pressure. But the reality is, I think these selloffs are more about lack of money in the system right now. There’s just not new money coming in at the moment.”
His take? There isn’t any “buyer of last resort” in crypto, which implies that “distressed” property don’t get scooped up.
Dorman additionally commented on the Libra hearings, saying he’s not sure that they had a lot impact.
“Well, you know, I think retail investors probably aren’t spending a lot of time watching C-SPAN,” he stated.
You can watch the remainder of the interview above or learn the transcript under.
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