Bitcoin (BTC) has faced several price drops over the past two months. Kraken CEO Jesse Powell thinks it doesn’t matter.
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The price drops experienced by Bitcoin have brought various concerns within the cryptocurrency community. According to Kraken CEO Jesse Powell, this is as commonplace as a “walk in the park” for cryptocurrency.
Powell believes it’s newcomers to the industry who get FUD in these situations, as many experts have noted. Because on the long time scale, Bitcoin is still among the top performing crypto assets.
The Rise of Polkadot (DOT)
Powell also talked about Polkadot’s 70% price increase on Coinbase. This rise was not reflected in other exchanges, including Kraken. According to the CEO, this is not a major issue and is something that happens from time to time. This is because crypto markets are not interconnected and there is no centralized order matching system. Therefore, if some market participants make very large transactions on an exchange, it will only affect that exchange. But given enough time, this effect can reach other exchanges through market makers and arbitrage traders.
China’s Crypto Imprint
Powell believes that China’s pressure on cryptocurrencies is not a bad thing. Because with this move of China, the USA may become the dominant country for Bitcoin mining.