While the Bitcoin community is excited over the flagship cryptocurrency’s partial recovery, Nobel-winning economist Paul Krugman is convinced that it is just a flash in the pan.
In a recent tweet, the esteemed intellectual says that the recent price is “probably” just a dead cat bounce.
During bear markets, it is typical for cryptocurrencies and other assets to see short-lived rallies before prices resume the downtrend.
On June 18, the Bitcoin price collapsed to $17,930, the lowest level since early December 2020 on the Bitstamp exchange.
The largest cryptocurrency has since rallied almost 14% and managed to briefly reclaim the $20,000 level.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at email@example.com.
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