Bitcoin falls: what's the reason?

Average Bitcoin price reached $6800 mark; let's figure out, what's the background
10 November   766

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

Largest Nordic Bank Bans Employees' Bitcoin Trade

Employees who currently own cryptocurrencies will not be forced to sell them, but they will not be allowed to buy more
23 January   179

Nordea, the Nordic region’s biggest bank, said Monday it will ban its roughly 31,000 employees from trading cryptocurrencies as of February 28 due to the unregulated nature of the market and high risks. This is reported by Reuters.

The reason why employees are prohibited from investing in cryptocurrencies is that the risks are considered too high and the protection for both employees and the bank is insufficient.

 

Nordea said in a statement

The bank added that unlike trading of securities and currencies, trade of cryptocurrencies is not regulated by any authority, and as such investors who buy cryptocurrencies have no protection against illegal business practices and money laundering.

Employees who currently own cryptocurrencies will not be forced to sell them, but they will not be allowed to buy more, bank said.

In early December, we have reported that Merrill Lynch bank banned its customers and consultants who carry out transactions on their behalf to buy bitcoin through the Grayscale Investment Trust.