U.S. stocks may be having a subdued start to a big week of earnings, but bitcoin and other cryptocurrencies have been far from quiet.
Bitcoin prices BTCUSD, -0.52% slumped over the weekend, at one point reaching $51,907 — down around 20% from a recent peak of $64,829 in February. The benchmark crypto recovered some ground into Sunday evening but was trading 1.8% down at $55,224 on Monday.
Some are viewing the pullback as a pause, including former Goldman Sachs GS, +0.23% hedge-fund manager Raoul Pal. The crypto bull said in a tweet he always feels “relieved” after big liquidations of leveraged longs on crypto, adding that it “cleans up the market.”
I always feel relieved after these big liquidations of leveraged longs on crypto. Cleans up the market and this time, I’ve actually got cash to add to my positions! Happy days. Adding far out the risk curve – community token ecosystems and also trading platforms and Doge because
— Raoul Pal (@RaoulGMI) April 19, 2021
In our call of the day, Miller Tabak & Co. chief market strategist Matt Maley said investors couldn’t draw any conclusions from the weekend’s action, but that this week’s normal trading hours were crucial.