{"id":116946,"date":"2021-06-22T20:37:39","date_gmt":"2021-06-22T20:37:39","guid":{"rendered":"https:\/\/fin2me.com\/?p=116946"},"modified":"2021-06-22T20:37:39","modified_gmt":"2021-06-22T20:37:39","slug":"crypto-strategist-says-bitcoin-pullback-is-shaking-out-investors-who-have-paper-hands","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/crypto-strategist-says-bitcoin-pullback-is-shaking-out-investors-who-have-paper-hands\/","title":{"rendered":"Crypto strategist says bitcoin pullback is shaking out investors who have &#x27;paper hands&#x27;"},"content":{"rendered":"<ul>\n<li>Bitcoin is shaking out weaker investors after experiencing a contraction, crypto strategist Meltem Demirors told CNBC on Tuesday.<\/li>\n<li>Demirors&#x27; remarks follow a wild ride for bitcoin Tuesday, which began with a heavy drop before bouncing back later in the afternoon.\u00a0<\/li>\n<li>&quot;I think we&#x27;re going to continue to see consolidation here. There is a lot of macro-uncertainty,&quot; the chief strategy officer at CoinShares said.<\/li>\n<\/ul>\n<p>Longtime crypto bull Meltem Demirors reiterated her confidence in the cryptocurrency Tuesday, telling CNBC she believes the correction in bitcoin is simply weeding out the investors with &quot;paper hands.&quot;<\/p>\n<p>Paper hands is a term used in the crypto community to characterize people who sell a digital asset such as bitcoin when turbulence strikes markets. It&#x27;s the opposite of so-called diamond hands, or ardent believers who say they will hold for the long term.<\/p>\n<p>&quot;We had 200 days of market expansion. You can&#x27;t have a number go up forever. That doesn&#x27;t happen in any market,&quot; Demirors said on &quot;The Exchange.&quot; &quot;What we&#x27;re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the &#x27;paper hands,&#x27; the &#x27;weak hands.&#x27;&quot;<\/p>\n<p>Demirors, the chief strategy officer at digital asset investment firm CoinShares, pointed to transaction activity on the bitcoin blockchain to support her view.<\/p>\n<p>&quot;There&#x27;s a lot of retail that entered, didn&#x27;t do their research, and is now selling. There are not a lot of long-term holders selling,&quot; she said. &quot;If we look at on-chain activity, wallets that have been holding for a long time have actually been using this opportunity to accumulate.&quot;<\/p>\n<p>Demirors&#x27; remarks on CNBC follow a wild ride for bitcoin Tuesday, which began with a heavy drop below the key $30,000 support level before\u00a0bouncing back into positive territory\u00a0in the afternoon. Analysts\u00a0had been watching\u00a0the $30,000 level after the cryptocurrency experienced a series of losses in May.<\/p>\n<p>Earlier Tuesday morning, Wall Street strategist Tom Lee had\u00a0told CNBC\u00a0that the world&#x27;s largest cryptocurrency by market value faces a rough technical picture in the near term but that he still believes that bitcoin by market value could reach $100,000 per token by the end of 2021.<\/p>\n<p>Like Demirors, Lee said he believes a lot of the recent selling has been from retail traders who jumped into bitcoin earlier this year when the cryptocurrency was marching higher toward its all-time high near $65,000 in April.<\/p>\n<p>&quot;I think we&#x27;re going to continue to see consolidation here,&quot; Demirors said. &quot;There is a lot of macro-uncertainty. Obviously, there&#x27;s a lot of uncertainty around policy. There&#x27;s also a lot of negative headlines.&quot;<\/p>\n<p>China has recently been intensifying its crackdown on cryptocurrency.<\/p>\n<p>&quot;I think part of this is just the cycle we go through every several years with crypto, but we are seeing a lot of new inflows. We are seeing a lot of activity, in particular, on the market side,&quot; Demirors said.<\/p>\n<p>While Demirors said &quot;bitcoin has always been volatile,&quot; she explained that during the steep pullback in May, there was &quot;a bunch of leverage coming off across the board. Now, we&#x27;re done deleveraging. Now we&#x27;re seeing a lot of cash selling.&quot;\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/06\/22\/bitcoin-pullback-is-shaking-out-investors-who-have-paper-hands-says-strategist.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is shaking out weaker investors after experiencing a contraction, crypto strategist Meltem Demirors told CNBC on Tuesday. Demirors&#x27; remarks follow a wild ride for [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":116945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto strategist says bitcoin pullback is shaking out investors who have &#x27;paper hands&#x27; - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/crypto-strategist-says-bitcoin-pullback-is-shaking-out-investors-who-have-paper-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto strategist says bitcoin pullback is shaking out investors who have &#x27;paper hands&#x27; - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Bitcoin is shaking out weaker investors after experiencing a contraction, crypto strategist Meltem Demirors told CNBC on Tuesday. 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