[[{“value”:”In the aftermath of a tumultuous week that saw Bitcoin (BTC) plummet to a seven-month low of $49,000 on Monday, global financial markets were rattled by a significant downturn, sparking concerns across stock exchanges and the crypto sphere.
However, amid the chaos, Bitwise’s Chief Investment Officer Matt Hougan analyzed the drivers behind the recent market meltdown. He explained why he believes traders’ fears may be misplaced and that the market dip holds key opportunities for potential Bitcoin price appreciation.
Crypto Crash Or Opportunity?
In a recent note to investors, Hougan pointed to the broader market chaos, including a 12% single-day crash in Japan’s Nikkei index and a 4% tumble in Nasdaq futures, sparking the crypto selloff. He drew parallels to the market turmoil seen at the onset of the COVID-19 pandemic in March 2020, when Bitcoin crashed 37% in a single day.
“It felt as if we might never recover. The media claimed Bitcoin had failed its test as a
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