Chief commercial officer of the bitcoin service provider BitPay, Sonny Singh, has said that Bitcoin\'s market value will shoot up again in the future, following new lows recorded early this week. He called the latest developments on the crypto market, in which Bitcoin and other cryptocurrencies saw their market value drop massively, \"exciting\".

He noted that the majority of people tended to overact in response to news that the market value of cryptocurrency is dropping. He also said that these extreme reactions played out when the market value of cryptocurrency soared.

Singh said that the latest news from the governments of South Korea and China – that they had plans seeking to enforce tight regulations on the cryptocurrency market – could potentially be a good thing for cryptocurrency.

He said that the fact that regulators are looking to regulate cryptocurrency rather than ban it was a positive sign, and could help to tackle legal issues surrounding the use of cryptocurrency, such as the use of crypto to fund terrorism, or to enable tax evasion.

Singh said that crypto investors should not be overly concerned, as the price of Bitcoin has always been subject to volatile spikes and lows. He highlighted that Bitcoin and other cryptocurrencies hit record highs in terms of their market value just this past December. He also noted that his business had not seen any decrease in volume, expressing that business was currently \"all smooth sailing\".