Published: May 20, 2021

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Cited by: Urdu Point

MOSCOW, May 20 (Sputnik), Jonathan Rowson – The recent plunge in the price of bitcoin, which has been blamed on China’s new curbs on cryptocurrency trading and comments by Tesla CEO Elon Musk, was expected by investors after a three-year bull run, Nessim-Sariel Gaon, a founding partner at Swiss-based private equity firm LIAN Group, told Sputnik in an interview.

Bitcoin’s price stabilized on Thursday at just over the $40,000 mark, one day after the digital currency fell to as low as $30,000 in a wild day of trading. Other major cryptocurrencies also suffered heavy losses, as rival ethereum sank 40% in less than 24 hours after months of steady gains.

“For me, I don’t see this as a downturn. We are looking at a consolidation of the market. We were expecting and waiting for such a correction,” Gaon said.