Spencer Bogart says crypto hedge funds’ sells behind the latest trends

Spencer Bogart, partner of Blockchain Capital, has made a curious explanation of the price dynamics we have witnessed this week: as he thinks, cryptocurrency hedge funds and related investors are the main drivers of the fall which may continue. Investor does not imply that these business entities somehow manipulated the market, it was rather a desire to redeem out the fund after looking at the yearly dynamics. The mass sells might even temporarily make the price a lower than it should be, expert thinks

This aside, Mr. Bogart also warned those traders who want to wait for lower prices: sometimes waiting actually makes an investor to miss a good opportunity.

“Most people that are going to wait for lower prices will end up paying higher prices than they are today.”

In the long term, Spencer Bogart is bullish about Bitcoin, as witnessed both by recent and older statements. In May, he has noted that there are still many potential market newcomers who may enter the space through mobile applications related to crypto trading.

The price of Bitcoin has returned below $6000 at the press time, as witnessed on Coinmarketcap, exchange prices’ aggregator. Large altcoins and tokens behave similarly, which makes some experts believe that many coins would die out in the future.

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