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Kraken CEO Jesse Powell Compared Recent Bitcoin Drop to 'Walk in the Park'

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Fri, 06/25/2021 - 10:15
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Alihuseyn Gulu-Zada
Kraken CEO Jesse Powell spoke out about the recent drop in the price of Bitcoin
Kraken CEO Jesse Powell Compared Recent Bitcoin Drop to 'Walk in the Park'
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As a guest on Fox Business' Liz Claman program, Kraken's CEO shared his views on Bitcoin price changes. Powell said that for him, the recent negative change in the Bitcoin price is comparable to a typical walk in the park or roller coaster ride from 10 years ago. He also noted that historically it is incomparable to anything. 

Powell also commented on those people who have recently invested in Bitcoin and other cryptocurrencies. In his opinion, many don't understand how cryptocurrencies work, believing it's easy. 

Kraken CEO justified his opinion by the fact that it is difficult to hold the price of any cryptocurrency and many factors depend on it. He expressed his belief that nothing just happens in the market and the fact that the price of Ethereum being below $2,000 (at the time of this article writing), shows that it is also anchored by something.

Powell also stressed the importance of fundamental knowledge and the psychology of the market. According to his opinion, Bitcoin surpassed all other assets in its growth, and despite all negative factors, it keeps growing more than 200%. 

Kraken CEO also stated that the upward and downward trend of Bitcoin prices makes sense in the context of a long-term timeline. Because it takes a long time for the crypto market to stabilize. In that context, Powell believes we'll see it in the near future. But for now, cryptocurrency holders and traders need to accept price fluctuations as normal. 

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.