Bitcoin price action continues to slide in favor of bears as the cryptocurrency dips below $8,000 for the second time in 7 days and a bear reversal is clearly in play.
‘Rumour has it Bitcoin won’t see 10k anymore’ would serve as a suitable alteration to the chorus of Adele’s mega-hit, ‘Rumour Has It.’ It’s obvious that for the time being, bears are in full control of bitcoin price but this time it’s a little bit harder to discern the source of BTC’s recent turmoil.
Could it be one of the following?
Lingering effects of the Mt. Gox sell off?
Simmering scandal from the Upbit and Bithumb investigations?
Or perhaps it’s the whales on the run phenomenon as Bitfinex requested client tax and social security information to comply with federal SEC regulations?
Those partial to conspiracies might be willing to entertain theories of institutional investors and whales manipulating prices to buy near the bottom before flooding crypto markets with cash and bringing on the greatest pump 2018 will ever see.
Whatever the reason(s), Bitcoin is currently stuck in the mud, and it appears likely …
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