CNBC’s Brian Kelly and Litecoin founder Charlie Lee both spoke out last week as Bitcoin fell below $6000 USD.

CNBC’s Fast Money trader and founder of cryptocurrency investment firm BKCM LLC, Brian Kelly, says Bitcoin is “not dead.”

Kelly points out that a year ago the price of Bitcoin was just $2,500 USD and that the current price lows do not mean “the funeral for bitcoin whatsoever.” He says the drop is “painful” and cryptocurrencies are in a bear market, but the lows might be a good thing as cryptocurrency markets adapt to challenges.

The market sentiment “approaching lows” could imply that a trend reversal is imminent. Kelly also points to recent regulatory clampdowns by Japan’s Financial Services Agency creating a tough environment in the short term, but that in the long run it will help make exchanges more “robust.”

Charlie Lee also spoke on Fast Money recently, explaining that cryptocurrency investors can panic when an exchange gets hacked, but that hacks do “not change the fundamentals of crypto assets.”

Lee is hopeful that Bitcoin’s price will recover and reflect the recent technological improvements to the Bitcoin blockchain. His overall reasoning for the current decline was again a bearish sentiment in the market. Lee wouldn’t predict exactly how long he thinks the current bear market will persist.

Despite hitting a low of $5,856 USD on Sunday, today Bitcoin is trading above $6,200 USD giving investors a little reassurance.

The post Cryptocurrencies Take a Beating, but the Bitcoin Bulls are Still Positive appeared first on UNHASHED.

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