Bobby Lee shared his opinion on the current situation of the crypto market and also suggested people learn from the recent US banking crisis.
In the first quarter of this year, Bitcoin & other flagship crypto assets saw a significant increment in trade prices. In particular, Bitcoin surged by nearly doubling & hit $31,000 in the recent week. In Q3 2022, Bitcoin price was trading at nearly $18k/BTC & once touched $16k/BTC. So the first quarter of 2023 was full of bullish sentiment.
The current Greed & Fear index is 58, which means crypto investors are still confident to invest money in this sector for profit.
On 17 April 2023, Bobby Lee, the CEO of the Ballet crypto wallet, appeared in an interview with Bloomberg Television. In the interview, Lee said that the Bitcoin price above $30k/BTC is a sign that the Crypto market is now very close to getting out from the bear season.
Ballet CEO noted that the current Bitcoin price graph pattern is much similar to the bear-bull chart pattern that has been taking place in roughly four-year cycles.
“we’ve seen the bear market take Bitcoin down to as low as $16,000. And now we’ve almost recovered a little bit. It’s almost doubled, recently peaked at $31,000,” Ballet CEO said.
Further Ballet CEO dragged attention toward the recent US banking crisis and said that the situation taught people that their money in the bank doesn’t mean that there.
Against the traditional Banking system, Ballet CEO said that Cryptocurrencies are playing a better role to help people to manage their bank accounts under self-custody without any risk of third-party actors.
According to Lee, Bitcoin-cryptocurrencies are the best alternative to traditional finance systems, which is now not fully trusted.