The recent slide in cryptocurrency-linked stocks is driving a rallying cry from optimists, according to Bloomberg.
- Kenetic Capital Managing Partner Jehan Chu said the public market validation of Bitcoin and the recent listing of Coinbase will encourage more investments in the market, as there are signs retail investors took advantage of the digital coin’s fall.
- Pepperstone Group Ltd. Head of Research Chris Weston said passions run deep, but the dips are “clearly supported.”
- BC Technology Group Ltd. Executive Director Dave Chapman said it’s still early in the game, and opportunity remains for investors to participate.
- The weekend Bitcoin plunge rattled crypto mania, but Bitcoin has pared losses and remained up 690% over the past year. It climbed as much as 2.4% on Monday and was trading at $56,691 as of 6:08 a.m. in New York.
- Coinbase was down 2.6% in U.S. pre-market trading. It closed at $342 on Friday, down from a peak of $429.54 hit in the first few minutes of its April 14 debut.