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"There were a lot of big sellers out there," Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said Monday on CNBC's "Fast Money." Those big sell-offs included sales ahead of tax season and the Mt.Gox hack.

"That appears to be over," Kelly said, calling the cryptomarket "a very reflexive one," meaning, the more valuable it becomes, the more investors want it.

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