Reasons For The Massive Plummet In Bitcoin Price
While most analysts and experts have said that the sudden decline in Bitcoin price was caused by the US Securities and Exchange Commission's (SEC) decision to delay the approval of the VanEck-SolidX Bitcoin Exchange Traded Fund (ETF), some disagree.
Source: https://foto.wuestenigel.com
On 08/08/2018, Bitcoin dropped from a high of $7,200 to a low of about $6,100. This was a huge fall of about 14% in a 24 hour period. Those who disagree with this notion point at the fact that developments in the cryptocurrencies sector, whether positive or negative, normally have very little impact on cryptocurrencies price trends. They believe that the Bitcoin price drop and the SEC's decision to have just been a coincidence.
Source: https://99bitcoins.com
According to them, the fall in price might have been caused by one or a combination of the following factors. This might have been triggered by a large sell-off of cryptocurrencies by Whales in the Over The Counter (OTC) market. Another school of thought is that this was caused by Bears who dumped large amounts of Bitcoin and Ether into the market. While another opinion is that the dumping of millions of dollars worth of Ether by ICOs into the market, fearing a bigger drop in the short term might have caused this slump.
Source: https://c2.staticflickr.com
Whatever the reasons for the downward spiral, let's hope that the major cryptocurrency, and along with it the other cryptos, recover soon from this slump. An influx of institutional investors through trusted custodian solutions could create a way for new capital injection which will enable the market to recover.
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