Economist Raoul Pal on Crypto Plunge: Literally Nothing, Regular Day in Trenches

While more and more cryptocurrency traders and analysts are sharing bearish views on the current market phase, Raoul Pal sees nothing to worry about. He also shared his views on meme coin performance and unveiled whether his Solana (SOL) bags are underwater.

Raoul Pal shares sobering views on crypto drop: “Literally nothing is going on”

Despite the net crypto capitalization being 5% down in the last 24 hours, there is literally nothing happening in the markets, economist Raoul Pal says to his 1 million followers on X.

Comes back from dinner in Lisbon. Checks X losing its collective shit. ..

“We are all going to die, it’s all getting nuked!! It’s all over”.

Checks chart. Sighs. Literally nothing is going on. Noise.

Meanwhile, the cult of the Church of the Smoking Chicken Fish is at new highs… pic.twitter.com/DddkKOjxhe

— Raoul Pal (@RaoulGMI) August 2, 2024

As such, what is happening with Bitcoin (BTC) and major altcoins looks like a regular day in trenches to the seasoned macro expert.

Also, Pal mentioned impressive performance of Church of the Smoking Chicken Fish (SCF), a novel eccentric Solana-based meme coin.

He added that the pessimism on this market is nothing but “noise.” Pal’s statements were echoed by BitMEX founder Arthur Hayes. As covered by U.Today previously, Hayes calls the current days “shopping time.”

The BitMEX founder attributed current volatility spikes to macro processes in the U.S. and Japan.

Is Bitcoin (BTC) cycle close to end?

When asked about the performance of his Solana (SOL) positions, the Real Vision CEO admitted that it entered the asset at $30. As such, he must be enjoying 400% profits even after Solana (SOL) lost over 20% in five days.

However, as covered by U.Today previously, some voices of Crypto Twitter do not share the enthusiasm of Pal and Hayes. For instance, trader Henrik Zeberg said that we might be two months short of the largest collapse since the 1929 Great Depression.

He “lifted the deadline” for the major macro top to this October. Also, a number of prominent traders insist that we will not see new highs for Bitcoin (BTC) in the next four years.

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