″[The] market, in my personal opinion, became maybe a little bit irrational, or maybe a little reckless to a certain extent. And when the times like that come, [a] correction is normally needed, and at the end of the day [is] healthy,” Bjelic said.
The sell-off in major cryptocurrencies such as bitcoin and ether was followed by a broader plunge in stock markets, in particular the technology sector. The terraUSD stablecoin losing its $1 peg made it worse for cryptos.
Additionally, institutional investors’ involvement cryptocurrency market, was a key driver of the latest sell-off, according to Brett Harrison, president of cryptocurrency exchange FTX U.S.
“If people are looking for assets to sell, crypto is going to be on the list,” Harrison told CNBC.
Brad Garlinghouse, CEO of Ripple, urged investors to consider a longer-term view.
“Bitcoin about two years ago right now, bitcoin was about $8,000. Now it’s at 30,000. So yes, there’s been a crash and a trillion dollars came off. But when you zoom out a little bit further and look at the long term trends, I think you see that crypto is here to stay,” Garlinghouse told CNBC.
