The decline in the cryptocurrency market has continued in recent days. Now Torbjørn Bull Jenssen Crypto Profile Predicts Better Times to Get Bitcoin.
On Monday, a single bitcoin costs up to $25,000. Since then the value has dropped significantly, and at the time of writing the price is around $21,200. The numbers show that the decline was especially pronounced on Friday night and during yesterday Queen Market Cap.
The drop comes on top of many cryptocurrency investors who have seen significant losses in value since the peak last year. One bitcoin cost up to $68,000 in November 2021.
– The decline was caused by macro expectations, the risk of continued high inflation, higher interest rates and recession, says Arcane Crypto CEO Torbjørn Bull Jenssen to E24.
He explains that the rise of the dollar and the increase in interest rates on bond loans led to a significant decline in stocks. This was reflected in the decline in the stock market on Wall Street on Friday, with the Nasdaq index topping out, which fell 2 percent.
The head of Arcane believes that the activity in the stock market has a much greater impact on the crypto market, both ups and downs.
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Buy more bitcoin
Jenssen is bullish about bitcoin developments in particular and is now buying the cryptocurrency, even with the macro outlook today.
I see these entry levels as very favorable for bitcoin in the long run.
So I started increasing my own exposure to bitcoin before the summer and plan to continue buying steadily through the fall, increasing prices further if we see prices drop around $15,000.
However, he imagines that the cryptocurrency market has not finished bearish.
– I wouldn’t be surprised if we had a slump this fall after the optimism at the end of the summer.
It seems to me that bitcoin and cryptocurrency will continue to fall for a while, and I wouldn’t be surprised if we go below the previous bottom, which was just under 18,000 for one bitcoin.
Only holds Bitcoin
Why buy bitcoin now, if you are imagining a new bottom?
– Although I would expect lower rates, I’m not 100 percent sure and I can’t rule out that we’ll be turning around again sooner than I think.
He considers it worth risking buying at higher rates of the currency now, in order to lock in what he thinks will be bullish in the long run. At the same time, he still has bitcoin funds on the back of his hand, should the price drop.
– I have a period of five years or more, but we’ll probably turn around again long before that. For me, this is the huge long-term upside in bitcoin that I’m investing in, not the short-term volatility.
A number of different actors have long warned against investing in cryptocurrencies.
Topic Director Jorge B. Jensen at the Consumer Council previously told E24 that he believes the cryptocurrency market is consistently unregulated. As a consumer, you thus become extremely vulnerable should something go wrong.
“We’ve also seen that there are too many unscrupulous actors for us to recommend consumers to enter this market,” he says.
If you continue to be tempted to speculate in cryptocurrency, our advice is not to speculate with more money than you can afford to lose. So far, Jensen says, it applies not only to cryptocurrencies, but to all financial speculation as well.
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