Bitcoin’s recent decline below $70,000 has created differing reactions among market participants, according to Hunter Horsley, CEO of Bitwise. While long-term holders seem cautious amid the price dip, new investors are showing increased interest in the cryptocurrency.
Horsley suggests that this price movement could open new opportunities for institutional investors, potentially broadening Bitcoin’s market base and encouraging further adoption.
**Why this matters**
Understanding how different groups respond to Bitcoin’s price fluctuations is important for assessing the cryptocurrency’s future trajectory. Increased institutional involvement may bring greater stability and legitimacy to the market, influencing its long-term growth.
Source: NewsData