The founder and CEO of BKCM, Brian Kelly has said the crash in Bitcoin (BTC) and other cryptocurrencies is nothing to be afraid of adding that the market will soon recover.
According to Brian, the crash was triggered by the upcoming Bitcoin Cash hard Fork which is scheduled to take place today 15 November 2018 at about 16:40 UTC. Brian added that the low volatility of the market in the past few months has also led to a massive sell-off which directly led to the crash.
Brian speaking about the sell-off said:
People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.
Volatility is the variation in the price of a security or asset which is quite scary for some people especially inexperienced traders who Brian encourages to stay away for the time being. However for some knowledgeable investors, volatile markets provide opportunities to make significant gain.
The price of Bitcoin and other cryptocurrencies have been relatively stable in the past few months although volatility has been the main characteristic of the market this year. This has led to the massive sell-off that caused the market to plunge so low according to Brian. He is however optimistic that the market crash is fleeting and is likely to be over as soon as the Bitcoin Cash Fork is over.
Meanwhile in the midst of the crash, Ripple (XRP) managed to remove Ethereum (ETH) from the second position placing it in the third place like it did recently and is currently the number two cryptocurrency in the world by market capitalization after BTC. XRP is above ETH by over $140 million at press time and currently trades at $0.46265 while BTC is at $5,662.92 and showing significant volatility.
The Bitcoin Cash Fork is just hours away and it will be interesting to see what happens to the market after all is said and done.
For now, do you agree with Brian that the fork triggered the crash in the market?
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