Why Bitcoin Tumbled Below $8K

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Bitcoin’s price briefly slipped below $8,000 on Thursday for the first time in three months, though the cryptocurrency is still more than double its level at the start of 2019.David Nage, principal at the Los Angeles-based money manager Arca Funds, discusses his views on this week’s price drop and whether price volatility in cryptocurrencies might turn off big investors.Nage believes that as an asset, bitcoin is akin to future-pointing equities like Netflix and Amazon. With the caveat that “we’re not in the business of price predictions,” Nage said.And while the next halving – a periodic reduction in bitcoin mining rewards, expected to occur around May 15, 2020 – is potentially bullish, both the technical and fundamental views point toward uncertain times ahead for BTC’s direction after its recent Sell-Off threw into question the long-term trend.  Read more
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