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Bitcoin Drops After Climb To All-Time High - Ethereum Also Falls From Record High: Market Commentary From Paolo Ardoino, CTO, Bitfinex

Date 22/02/2021

Bitcoin fell after surging to its latest record high a day earlier with some investors also citing concerns about the rapid surge in the Bitcoin price.

“We may be seeing some price fluctuations that can be expected in a nascent space. Today’s drop may seem to be a correction in BTC while a sharp dip in Ethereum’s price has put the focus upon increasing transaction fees in ETH. Today's price movement may galvanize bitcoin’s many critics, including those who recently dismissed the leading cryptocurrency as an economic sideshow. Such criticism misses the point and the profound impact it is starting to have. For many of the battle-tested exchanges that have weathered the market fluctuations, volatility isn’t new and is to be expected in such a young market. For many in the industry, development and deployment is priority. Price movements are more of a sideshow.” said Paolo Ardoino, CTO at Bitfinex.