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Bitcoin’s Sharp Drawdowns Are Healthy and Expected: Pompliano

The post Bitcoin’s Sharp Drawdowns Are Healthy and Expected: Pompliano appeared com. Institutional investors new to crypto may have been caught off guard by Bitcoin’s volatility, which has put downward pressure on its price, according to crypto entrepreneur and investor Anthony Pompliano. During an interview on CNBC’s Squawk Box on Monday, Pompliano said Bitcoin (BTC) draws down roughly once every 1. 5 years, and the recent slump isn’t likely to surprise Bitcoiners who have been in the game for a long time. “Over the last decade, Bitcoin has drawn down 30% or more 21 different times,” said Pompliano. “So Bitcoiners are used to this. Now, who’s not used to this are the people who are coming from Wall Street. They’re not used to this type of volatility.” “These new people are very, very fearful. We’re going into end of year. There’s things around bonuses people are trying to figure out, should I actually sell this asset that I thought I was really excited about? And I think that’s putting some downward pressure on the price,” he added. Bitcoin sell-off was mostly US-based Matthew Sigel, head of digital assets research at investment manager VanEck, said on Monday that Bitcoin’s recent sell-off, which saw the token drop to lows of around $82,000, was “overwhelmingly a US-session phenomenon. Crypto volatility helps push price higher Bitcoin’s price volatility has surged over the last two months and was creeping back up to about 60 as of Monday, which can spark large market moves in both directions, according to Bitwise market analyst Jeff Park. Related: Anthony Pompliano to lead new Bitcoin-buying group raising $750M: FT Pompliano told CNBC that people who have been involved in.