Drama unfolded in the cryptocurrency sphere as bitcoin started the day with a slide below its key threshold of $30,000. At one point, the digital currency turned negative for the year before recovering and jumping to about $32,700 as of 6:13 p.m. ET.
It’s a far cry from rosier times in April when bitcoin touched an all-time high of over $64,000.
Strategists perceive the recent slump as a short-term worry, rather than a threat to its long-term prospects – provided investors can stomach the ride.
“It would be very hard for people to find another general, multidecade story outside digital assets. So, as much as 2021 feels like a terrible year for crypto investors … this is kind of noise, and it’s a great buying opportunity,” Fundstrat’s Tom Lee told CNBC’s “Tech Check” on Tuesday.
