Coinbase researcher David Duong said that market conditions on Tuesday indicated that as buying activity on centralized exchanges increased, a short squeeze could occur, "which could lead to a market rebound in the coming days." In addition, he emphasized that "Genesis distributed Bitcoin and Ethereum in kind in its bankruptcy liquidation plan. The unwinding of the yen carry trade may also affect Mt. Gox creditors' current decision to receive Bitcoin."
Duong believes that the recent decline in the market does not represent the beginning of a new long-term trend or market cycle. (TheBlock)