Even the most passionate bulls are shaken by Crypto’s June swoon.

However, many professionals who trade this sector don’t think about the long-term loss of digital assets due to such sharp price drops.

‘You’re seeing a lot more of the leverage that was build around crypto come undone quickly,’ Rick Rieder from BlackRock, chief investment officer for global fixed income, told Yahoo Finance Live. “I believe that Bitcoin and crypto are long-lasting assets. It is a viable business, but it was surrounded by so much cash.

It has been an exciting week for crypto-favorite.

In a wider flight to safety, Bitcoin prices dropped below $21,000 this week amid uncertainty about the Federal Reserve’s interest rate rises. On Thursday, the total crypto market value fell to $908 billion. This is a drop of roughly $3 trillion from late 2021.

The crypto-exposed stocks like Coinbase ( COIN), Robinhood ( HOO), and Microstrategy( MSTR), continue to be under pressure, and short-sellers are making huge profits from this trade.

Coinbase announced this week that it had stopped hiring and said that the cryptocurrency trading platform would reduce its workforce by 18%. Robinhood was also affected by several Wall Street downgrades due to market volatility concerns. The stock currently trades at 17% below its book value. This is due in large part to the decline in crypto prices and lower retail investing participation.

This shocking speculator puts into question the common rally cry that Bitcoin will reach $1,000,000 by 2030, or even whether it is worth buying the current crash.

Although it is difficult to predict the future price of bitcoin, Rieder cautioned that assets subject to this level of pressure can often go to the downside before recovering.

Rieder stated, “My impression is that in all these circumstances you overshoot. And my guess is that you have probably got some downside going from here.” It’s difficult to determine fair value. My feeling is that a lot assets will have a higher value in the future than they do today. It could also overshoot to the downside. This is difficult to understand, much like gold. I cannot figure out my free cash flow multiple or what my security is beneath it.