In the last few days, Bitcoin (BTC) has experienced somewhat of a revival in the market, with sentiment marginally shifting as the flagship digital asset closes in on the $32,000 mark.
Speaking with Kitco News, Celsius Network CEO Alex Mashinsky discussed his belief that the crypto markets will recover and the thought that even inflation is not a long-term concern.
The CEO of Celsius pointed out that if you’ve been following the market closely over the past couple of days, there have been green candles on Wall Street but red candles on crypto, and he attributes this disparity to the fact that $1.8 billion worth of expirations is happening today (May 31).
“I think we will see a reversal over the weekend and into next week. You can press a spring as hard as you want but the harder you press it the harder it rebounds and here we’re overdue for a rebound.”
“When Bitcoin recovers it usually recovers five to eight times of where it was, or even more, where the stock market will only go up or whatever 30, 50, 70%. So the rebound on crypto is always stronger and it always represents new higher highs and new higher lows.”
Bitcoin hits new records but not for the good
Notably, Bitcoin touched eight red weekly candles and was pushing towards nine, which was new for the record books. Talking about this fear in the market, which saw the sentiment likewise touch lows
Mashinsky noted that even JPMorgan (NYSE: JPM) is getting more involved in crypto. Strategists at JPMorgan Chase claimed last week that Bitcoin has “significant upside potential” and, in turn, helped shift market sentiment this week.
“There’s so much fear that even JPMorgan, who’s not usually don’t talk about crypto issued a report this week saying that maybe the crypto sell-off is overdone and they see a rebound to the $38, 000 level from where we are today.”
On May 30, the cryptocurrency market cap saw a $60 billion inflow in 24 hours as Bitcoin neared $31,000, and today, that momentum remains within the market. Indeed the global crypto market is now up 3% in the last 24 hours at $1.3 trillion, while Bitcoin is also up 3%, trading at $31,634.
Celsius token loses 60% in May
Interestingly, when Bitcoin’s price dropped below $30,000 and drawdowns were seen throughout the market as a whole, problems seemed to have begun at Celsius.
A writer by the name of Jacob Silverman noted on Twitter that the assets under management at Celsius had decreased by $5 billion in a short period of time.
The CEL token was down a painful 63% over two weeks, as users stated that the trade was illiquid as the token price began plummeting, which further compounded investors’ losses.
Watch the video: Celsius CEO discusses the crypto market rebound