Bitcoin’s downfall to $8,900 – the reasons


Bitcoin fell down to $9,000 on Thursday, February 2nd, 2018. Many did not expect the digital currency to go below this level, but that happened in a matter of hours.

What could have caused the downfall are major worries that India is now on a mission to ban cryptos and a possible price manipulation on a major exchange.

Source: Coinbase.com

Bitcoin is now trading at $8,700 level, according to Coinbase.com. Keeping in mind that prices on this exchange are usually higher than other ones, investors are basically “bleeding” all around the world. CME’s and Cboe’s bitcoin futures contracts for February both fell below $9,000 as well.

The drop occurred right after the comments from India’s minister of finance, Arun Jaitley, who talked about the regulation of cryptos and the threat of the market as a whole.

CNBC reported:

“The New York Times also reported Wednesday that an increasing number of digital currency investors are worried the price of bitcoin and other digital currencies have been inflated by cryptocurrency exchange Bitfinex, which is included in CoinDesk’s price index. Bloomberg reported Tuesday that in December, the U.S. Commodity Futures and Trading Commission subpoenaed Bitfinex and a cryptocurrency company called Tether, which is run by many of the same executives.” 

According to the media giant, the only person who seems bullish at this point is the Wall Street strategist  Tom Lee, who said that the $9,000 is a major low  and one of the biggest buying opportunities in 2018.

 

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Bitcoin's downfall to $8,900 - the reasons

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