WHY HAS THE CRYPTOCURRENCY’S PRICE DROPPED?
WHY HAS THE CRYPTOCURRENCY’S PRICE DROPPED.?
While it isn’t clear why bitcoin’s price has dropped so quickly, it isn’t hugely surprising.
Bitcoin is widely considered to be a bubble, which could keep inflating until it completely collapses.
The sudden slump does, however, come amid a great deal of negative press.
This week, the US Securities and Exchange Commission reportedly suspended trading in The Crypto Company, a US based cryptocurrency consultancy, amid concerns over stock manipulation.
South Korean bitcoin exchange Youbit also announced its closure, after hackers stole 17 per cent of all assets.
The value of the notoriously volatile cryptocurrency has fluctuated unpredictably all year, with nobody truly knowing whether it is on the verge of rising even further or falling spectacularly.
Just 1,000 bitcoin holders are believed to own 40 per cent of the entire market, and it has been claimed that they can cause its value to plummet or soar at any point.
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It is because during a mining difficulty adjustment they were flooded with fake transactions, then it was surprise attacked by coinbase/gdax who just launched bcash support out of thin air and locked off selling and bitcoin options causing a huge price increase in bcash.
This then caused bitcoin and altcoin holders that trade and do flips to sell alts and buy into bcash which is a pump and dump fork yet coinbase/gdax traders were blocked from selling which caused it to keep rising, coinbase is now currently being investigated for this market manipulation.
Thanks for this information. when i was searching about bitcoin fall,In news it was said about US securities exchange and about Korea exchange. So i found this was reason.