CryptoQuant CEO Ki Yong Joo wrote in Twitter, which considers the decline in bitcoin quotes to be a technical correction. In his opinion, the correction was due to a large number of long positions with excessive leverage. The analyst also claims that the fundamentals for further growth of bitcoin are still strong and the cryptocurrency will grow after the “cooling” of the market, which will be observed for several weeks, writes RBC Crypto.
Don’t get me wrong; I see this pullback as a technical correction due to over-leveraged longs.
Fundamentals are still strong now. After cooling off the market in the next few weeks, $ BTC will go up.
– Ki Young Ju 주기영 (@ki_young_ju) April 23, 2021
On April 23, bitcoin quotes on the Binance crypto exchange dropped to the lowest mark since March 6 of $ 47.5 thousand. As of 19:05 Moscow time, the value of the main cryptocurrency is recovering and is $ 50 thousand. The decline in the crypto market occurred amid news that US President Joe Biden plans to almost double the capital gains tax for the rich.
Also, Ki Yong Joo released a schedule according to which the “kimchi bonus” dropped to zero. The concept of “kimchi premium” arose back in 2017, when the average market price of bitcoin was $ 20 thousand, and on the South Korean exchanges it was traded at $ 24 thousand (+ 20%). In early April, the “kimchi premium” reached 18%.
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