Why 1 Analyst Thinks the Recent Crypto Collapse Is Not So Different From 2017
While crypto assets rose to new heights earlier this year, and there are now meme-inspired tokens like Dogecoin (CRYPTO: DOGE) being touted by Elon Musk, the recent crash of crypto assets is not so different from the one in 2017, says one analyst.
Josh Younger, who leads interest rate derivatives strategy at JPMorgan Chase (NYSE: JPM), wrote in a recent research note that he sees similarities between the big sell-off in 2017 and the one that recently occurred in which Bitcoin (CRYPTO: BTC) fell as much as 50% from its high of around $65,000 per token.
Similar to what happened in 2017, Younger noted that investors have steered away from the popular tokens like Bitcoin and Ethereum (CRYPTO: ETH) and into riskier altcoins and stablecoins as well.
Source Fool.com
