Bitcoin falls: what's the reason?

Average Bitcoin price reached $6800 mark; let's figure out, what's the background
10 November 2017   3597

Bitcoin Price

On 10th of November, at 9:24 UTC price of first cryptocurrency started to fall.

Bitcoin price chart
Bitcoin price chart

At the moment of press, Bitcoin is being traded for even less than $6800 at some exchanges, for example, Bitfinex, Kraken and HitBTC

Bitcoin price at different exchanges
Bitcoin price at different exchanges

Main market parameters of Bitcoin at the moment of press are:

  • Average price $6817.56 
  • Market cap $113,675,484,123 
  • 24h volume $3,855,700,000

Possible reasons

One of the possible reasons for such a rapid fall in the price of the first cryptocurrency may be that after the announcement of the developers of SegWit2x cancellation the "disappointed" part of traders transfer assets to other crypto currency or fiat money.

As for SegWit2x, although it is officially frozen, a number of recent events indicate that certain something is taking place behind the scenes, the consequences of which are likely to become known soon enough.

For example, almost unknown Bitcoin mining pool bitPico said that they will still try to implement hardfork. They also say that they have control over 30% of Bitcoin network hashrate. Still no solid proof on this statements.

Also a mysterious website bitcoin2x. org was discovered. It differs little from bitcoin.org. On its main page there is SegWit2x related statement. Also, the site's creators say that they will not allow six people to decide the fate of the bitcoin, and the previously assigned date of the hard-fork (November 15) remains in force.

We have decided to continue with the fork as planned. We will not allow the destiny of Bitcoin to be controlled by 6 individuals.

Same date - November 15th.

Bitcoin2x is a secure payment network with cheaper and faster transactions
 

Bitcoin2x Team Statement

Who is behind this resource, is still unknown, also draws attention that the link to Developer Documentation leads to a non-existent page.

This price fall looks interesting on the background of Bitcoin Cash price jump

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   318

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.