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Paul Krugman Says Bitcoin’s Modest Rally Is “Dead Cat Bounce”

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Sun, 19/06/2022 - 18:31
Paul Krugman Says Bitcoin’s Modest Rally Is “Dead Cat Bounce”
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While the Bitcoin community is excited over the flagship cryptocurrency’s partial recovery, Nobel-winning economist Paul Krugman is convinced that it is just a flash in the pan.

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In a recent tweet, the esteemed intellectual says that the recent price is “probably” just a dead cat bounce.

During bear markets, it is typical for cryptocurrencies and other assets to see short-lived rallies before prices resume the downtrend.

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On June 18, the Bitcoin price collapsed to $17,930, the lowest level since early December 2020 on the Bitstamp exchange.  

The largest cryptocurrency has since rallied almost 14% and managed to briefly reclaim the $20,000 level.

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