Commenting on the recent price movements of Bitcoin, Paolo Ardoino, CTO at Bitfinex said:
"It is unsurprising to see some retracement after Bitcoin catapulted to a series of all-time highs in what has been a stellar run for the king of crypto. Today we've seen some profit taking. We are not making predictions, but this may be short-lived; based on the sentiment among traders on Bitfinex, we perceive that the overall bullish sentiment around Bitcoin hasn't changed."
“Bitcoin remains at times a highly volatile asset. Still, the increasing prevalence of High Frequency Trading (HFT) firms in crypto is actually serving to mitigate such sharp price falls. Through their role as intermediaries, HFT’s thereby immediately provide buying pressure in response to such a sharp price drop. Having thick order books and healthy liquidity also helps."
"The renewed interest in Ethereum isn't a huge surprise given the strength of confidence in bitcoin among institutional investors. Part of the profit taking on Bitcoin during this retracement may have been reinvested in Ethereum."
"The renewed interest in Ethereum isn't a huge surprise given the strength of confidence in bitcoin among institutional investors. Part of the profit taking on Bitcoin during this retracement may have been reinvested in Ethereum."
