Bitcoin price is Tanking; Here is what you need to know (The Keycom Daily summarized View)
24 hours ago, bitcoin lost more than $800 in less than an hours and at the time of posting this, Bitcoin price is $8,738. There are several fundamental analysis that can be used to explain this sudden drop in price as seen earlier in price trends of the cryptocurrency.
Let us examine some of these factors.
1. Binance Crypto Hack rumor
Hackers were said to have exploited the API keys of the exchange company leading to more than 10% sudden drop in price of bitcoin yesterday. This led the company to halt withdrawals. Investors should not have expected anything different as Binance is one of the largest 4 Cryptocurrency Exchange companies in the world according to COINMARKETCAP.
Binance CEO Changpeng Zhao however twitted on Wednesday that customers funds are safe inorder to reassure its huge customer base spread across the world. Check out his tweet here
2. Regulation! Regulation!! Regulation!!!
On the 7th of March, The Security and Exchange Commission (SEC) in the US has further reaffirmed its regulatory oversights especially concerning coins which meet the standard definition of security (and not utility) that such must register with the agency. The SEC further advised investors to use only platforms, especially the online trading platforms which are registered with the agency in order to get the protected status offered by the commission. the Read the official report here
3. The $400 million sell out effect of Bitcoin and Bitcoin Cash by Mt Gox Trustee
A trustee of Mt Gox, Nobuaki Kobayashi recently revealed that as much as $400 Million worth of Bitcoin and Bitcoin cash was sold off. He explained that the bankrupt company tried to do that for distribution resources. 
Read the full report in Japanese here
Kobayashi also said that a future liquidation is still pending as more Bitcoin and Bitcoin cash will still be sold.
These are some of the most obvious reasons behind the sharp drop in price although there may still be other reasons associated. Let me know your thoughts in the comment below
I invest time, energy and money in order to get these valuable contents I post daily on this blog. I try as much as possible to do my diligent research and use my understanding of the financial and cryptocurrency technology that I gathered for more than a decade now to harness these points. This is not to serve as a financial advice but rather my own honest and practical approach I have been using to trade the financial market as the Chief Executive Officer of Global Keycom Solutions, A global Exchange For buying and selling Cryptocurrencies. Upvote/follow me if you find the content useful to you and add a comment if you have any correction or contribution to make.Cheers
Hi, great post, worth a follow.
@cryptoissweet, Thanks. That means alot to me. I am giving you a follow back. Cheers!
the greatness of those who sold Btc give opportunities for the buyers to develop and grow the journey of blockchain around the world, definitely soon it will be a big maintaining currency usage of the whole world.
@jzroa, you are absolutely right. Adoption of bitcoin and other cryptocurrencies is really increasing worldwide and that will really impact our world in a positive way especially in the developing world where the fiscal and monetary policies are still tightly controlled and regulated. The power of decentralization is that power comes back to the rightful owner which is the ordinary people and not the corrupt government of the world. Thank you for the comment. Cheers!
Hi, I just followed you :)
Please follow back so we can help each other succeed! @hatu
My last post
@hatu, I just did. Cheers!
Congratulations, your post received 23.81% up vote form @spydo courtesy of @keycom! I hope, my gratitude will help you getting more visibility.
You can also earn by making delegation. Click here to delegate to @spydo and earn 95% daily reward payout! Follow this link to know more about delegation benefits.