Voyager Digital CEO Stephen Ehrlich: Crypto sell-off was a ‘knee-jerk reaction’

Coinjournal 5 months ago Report
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  • Ehrlich says despite the latest crypto sell-off, some solid crypto assets are long term plays that will likely rebound even higher

  • The investor points out five assets seeing the most volume as investors buy the dip

  • The Voyager app token (VGX) is one of those seeing increased interest in the market

Stephen Ehrlich, the CEO of crypto-asset broker Voyager Digital, is categorical that cryptocurrency’s latest sell-off has to do with investor reaction to sentiment in the broader market.

According to Ehrlich, price routs for major cryptocurrencies like Bitcoin and Ethereum, as well as in most other altcoins, is nothing but a knee-jerk reaction to sell-off pressure buoyed by increasing risk aversion among investors.

The Voyager Digital chief was commenting on the crypto market outlook after Bitcoin price slumped amid a Black Friday crash that wiped off billions of dollars from the crypto market.

In an interview with CNBC’s “Squawk Street”, Ehrlich noted that this downside is likely a short term move that nonetheless has offered investors a great opportunity to buy low. He explained that his broker platform has continually seen fresh bids, with the buy side volume coming even as BTC price touched lows last seen in early October.

“This is a asset that’s trying to establish itself” he noted, adding that as more and more people add crypto to their portfolio, the market will see less and less votality. 

Voyager token (VGX), Cardano (ADA), Solana (SOL) and Avalanche (AVAX)

Asked what he thought of the sell-off, the Voyager Digital CEO noted that investors appear unfazed given the huge amounts of capital being put in like Cardano (ADA), Solana (SOL), and Avalanche (AVAX). 

He also noted that even the Voyager app token (VGX) and recently hot metaverse-linked Decentraland (MANA) are “long term plays” that are very solid.

So, it’s not just Bitcoin (BTC) and Ethereum (ETH) that are seeing increased ‘buy-the-dip’ deals, but also altcoins such as the five above. According to Ehrlich, once the market picks fresh momentum, these are among the assets to see major moves.

While he believes a bounceback is next, Ehrlich says the timing might not be as swift as happened after a Chinese-fueled slump in May and June. However, the rebound is likely to be more intensive given the presence of more institutional investors.

Ehrlich’s comments come a few weeks after he said the platform was poised for a record December quarter. It also follows the firm’s release of a Voyager Debit Mastercard, which allows users to earn interest on their crypto holdings and spend easily, with all transactions completed from within the user’s Voyager account.

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