A financial institution with over $10 billion in assets under management is confident that cryptocurrencies will thrive in the long term despite weeks of volatility in the markets.
In a new report, the independent DeVere Group discusses the reasons behind the recent flash crash which sent Bitcoin (BTC) tumbling from $47,000 to below $44,000 in a matter of hours.
DeVere Group CEO Nigel Green says that concern about the US Federal Reserve’s plans to raise interest rates had an immediate negative effect across markets worldwide.
“There’s been a knee-jerk sell-off on Wall Street and the crypto market as it is perceived by some traders that such a move puts at risk the liquidity that has benefited many asset classes, including Bitcoin.”
Green believes the current