“Most cryptocurrencies have been overvalued for a very long time,” said Samson Mow, chief strategy officer at blockchain developer Blockstream Corp. “It’s hard to pin this move on any particular factor, but it feels like the opposite of last year when money piled in as people felt FOMO. Now it’s piling out as they sense panic.”

No Correlations with Turkey

Some may posit that the price weakness could be stemming from the economic turmoil in Turkey that has been dominating the headlines. However, other analysts feel that this is mere happenstance in which no correlations exist between cryptocurrencies and geopolitical news.

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“Correlations historically have been extremely low between cryptocurrencies and other asset classes,” said James Quinn, head of markets at Kenetic, a blockchain company with investment and advisory businesses. “Which is one of the reasons why there is interest in this space and why people want to make an allocation in this space.”

For more information on the cryptocurrency market, visit the Bitcoin category.