{"id":132664,"date":"2018-08-27T11:35:58","date_gmt":"2018-08-27T15:35:58","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132664"},"modified":"2018-08-27T08:47:38","modified_gmt":"2018-08-27T12:47:38","slug":"devere-ceo-bitcoins-sell-off-was-simply-standard-market-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/devere-ceo-bitcoins-sell-off-was-simply-standard-market-correction\/","title":{"rendered":"deVere CEO: Bitcoin\u2019s sell-off was simply standard market correction"},"content":{"rendered":"
August 27, 2018<\/div>
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By George Prior<\/strong><\/em><\/p>\n

The recent sell-off of Bitcoin and other cryptocurrencies was simply a standard market correction, observes the CEO of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

The comments from Nigel Green, founder and chief executive of deVere Group, come as Bitcoin \u2013 the world\u2019s biggest cryptocurrency by market capitalization \u2013 was close to almost its lowest point of the year two weeks ago and continued its bearish action last week.\u00a0 Other major digital currencies also experienced a sell-off over the last fortnight.<\/p>\n

But the crypto market headed back into the green on Monday, posting positive results as the bulls push Bitcoin back on a rally.<\/p>\n

Mr Green, whose firm launched the cryptocurrency exchange deVere Crypto at the beginning of 2018, says: \u201cCryptocurrency markets are subject to volatility more than traditional ones.<\/p>\n

\u201cDespite what the doom mongers would want you to believe, the recent sell-off was only ever going to be temporary and prices were bound to rise again relatively quickly \u2013 as they are now doing.<\/p>

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“Previous to this sell-off, in recent weeks Bitcoin had experienced a pretty impressive rally, peaking at around $8,300. As such, what happened over the last fortnight was simply a standard crypto market correction.\u201d<\/p>\n

He continues: \u201cFor many investors, such volatility, of the kind that we saw recently, is used as a welcome buying opportunity.<\/p>\n

\u201cThey look at the bigger picture. That\u2019s to say, in today\u2019s world, a digital, global currency simply makes sense to them. Or to put it another way, they believe that cryptocurrencies are the future of money.<\/p>\n

\u201cSuch investors also appreciate that institutional and regulatory support is increasingly inevitable and could happen sooner than many previously expected.<\/p>\n

\u201cIn addition they are seeing for themselves how more and more\u00a0global financial institutions, major corporations and household name investors are now working with cryptocurrencies and blockchain, the technology that underpins them.\u201d<\/p>\n

Mr Green goes on to say: \u201cIncreasingly, savvy investors are aware that what is taking place is a maturation of a relatively new market \u2013 hence the highs and lows almost every other week.<\/p>\n

\u201cAs such, they understand that they either have to buy and take a long-term approach \u2013 as is typically the best approach with almost all investing – or be prepared to miss the boat.\u201d<\/p>\n

The deVere CEO concludes: \u201cAs anyone who has analysed the sector in recent years will know, the dips and peaks are a usual part of the cryptocurrency market.\u201d<\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/em><\/p>\n

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By George Prior The recent sell-off of Bitcoin and other cryptocurrencies was simply a standard market correction, observes the CEO of one of the world\u2019s largest independent financial advisory organizations. The comments from Nigel Green, founder and chief executive of deVere Group, come as Bitcoin \u2013 the world\u2019s biggest cryptocurrency by market capitalization \u2013 was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-132664","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=132664"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132664\/revisions"}],"predecessor-version":[{"id":132665,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132664\/revisions\/132665"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}