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The price of bitcoin has been growing for two weeks, and recently it grew up to $7000.
Is it time to buy cryptocurrency?
Gregory Klumov, the founder and CEO of STASIS, a stablecoin issuer:
There were a lot of short-term margin positions, hedge funds were closing, there was a drop in the stock market.
People took out the cash everywhere where it could only be accessed, in particular, in crypto. Due to such a volatile movement, different leverage and arbitrage strategies collapsed, so there was no demand for supply.
Even investors with a long-term view of the market were willing to buy but failed to deliver the cash to exchanges quickly enough. Many of them had to wait for a week before the payment was approved.
Now the situation is normalizing and new growth catalysts are appearing. Among them are halving and monetary insanity of developing countries.
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