Bitcoin’s Bad Day Doesn’t Scare Off Bulls

Jitters have returned to the markets, both in equities and in cryptocurrencies. Crypto prices and crypto-sensitive stocks—from Bitcoin to Ethereum to Coinbase—tumbled by double-digit percentages today before recovering somewhat, while the broader market also lost ground. Not that there’s anything wrong with that: The sell-off in crypto in particular is a healthy antidote to some of the overblown bullishness we’ve seen lately. 

The bitcoin price drop, by as much as 30% at one point, brought out a triumphant tone among crypto bears. But bitcoin is still up about 300% in the past 12 months, according to Koyfin data. For the bulls, the slump is more of an opportunity to buy, as this story in MarketWatch shows. There is about as much chance of the sell-off scaring off the bulls as there is of former President Trump acknowledging he lost the election.