Latest Bitcoin Crash Shows ‘Buy the Dip’ Mentality Among Big Investors, NYDIG Says

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Latest Bitcoin Crash Shows ‘Buy the Dip’ Mentality Among Big Investors, NYDIG Says

“Our desk has been a net purchaser over the past 24-48 hours,” Greg Cipolaro, global head of research at NYDIG, a bitcoin-focused investment manager, wrote Monday in an email to subscribers.

Cipolaro published the comments after bitcoin (BTC) tumbled from a record high above $64,000 last week to as low as $51,541 early Sunday. The largest cryptocurrency was changing hands around $55,400 as of 4:37 UTC (12:37 p.m. ET).

Bitcoin’s price is still up 89% this year amid speculation that big investors are using the largest cryptocurrency as a hedge against inflation following trillions of dollars of coronavirus-related economic stimulus over the past year by governments and central banks around the world.

“Institutional investors have had a buy-the-dip mentality during these risk-off events, suggesting increasing ease with handling bitcoin’s volatility,” wrote Cipolaro.

First published on: Coindesk

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