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Valkyrie’s Chief Investment Officer Steven McClurg offers a macro update on September's Bitcoin drop as well as El Salvador's recent Bitcoin adoption.
After El Salvador adopted Bitcoin as a national currency, Bitcoiners around the world supported this decision by buying $30 worth of BTC each.
However, after a three day weekend, this was a risk-off trade in the general market due to Wall Street selling into the strain, causing Bitcoin and other assets to go down in price.
McClurg explains how Bitcoin dropped as much as 15% due to leveraged buyers and their selling behaviors at this time.
Prices are expected to go up from here and through the rest of the year.
The Lightbulb Series covers crypto topics in 5 minutes or less. If you have a question you want covered, reach out to us on social media or via email at [email protected]
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