Bitcoin dey bounce back above $88,000 per token today Tuesday, but plenty damage don already happen for crypto space as di asset dey sell-off wey don drag crypto stocks and ETFs go down.
Sevens Report Research Founder Tom Essaye and Yahoo Finance senior reporters Brooke DiPalma and Ines Ferré dey tok about di state of crypto space, as Bank of America dey recommend say dem wealth management clients suppose allocate 4% of dem portfolios into crypto.
Tom Essaye explain say crypto dey show say e still be speculative asset. He say even with all di positive headlines wey we don hear on di policy front over di past year, including pro-crypto administration and more people wey dey buy crypto by ETFs, companies wey get crypto for dem balance sheets, plenty investors think say e dey mature beyond just speculative asset. But e never reach dia yet. And he think say wetin we dey see for dis 30% decline from di highs be say no specific event cause am, no dramatic change for di narrative.
Essaye tok say di only reason to own Bitcoin and crypto for general be say you think say person go pay more for am tomorrow than you buy am for today. And if dat opinion change, den e go down without stopping.
Key Points:
- Bitcoin dey bounce back but crypto space still dey feel di effect of di sell-off.
- Bank of America dey advise clients to invest for crypto.
- Tom Essaye believe say crypto still be speculative asset.
- Di value of Bitcoin depend on people wey dey willing to pay more for am.
Wetin dis mean?
Dis news dey show say even though Bitcoin dey bounce back, di crypto market still dey volatile. Investors suppose dey careful and understand di risks before dem invest for crypto.