The price action is definitely part of a market cycle for new asset classes where value is difficult to determine because if the infancy of the businessnor technology. In the case of Bitcoin, it has been irrational on the way up which has made the reversion to the mean to be a tough ride down for most, particularly those that got it during the hype. Now fundamentals need to catch up to prices in order to gain interest. While regulation is still uncertain, it will be a pivotal point as most institutional investors have channeled capital to infrastructure plays and businesses rather than the assets themselves due to regulatory uncertainty and security concerns.
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