Bitcoin's sharp drop in price over the weekend (and continuing to today) is still about China

Author: Eamonn Sheridan | Category: Cryptocurrency

I posted earlier on the slide for the cryptocurrency here: Weekend (and into Monday) bitcoin update (down date is a better description)

The most recent decline started on news that the People's Bank of China told businesses involved with cryptocurrencies to correct any improper actions 
  • asked investors to be wary of virtual currencies
Bloomberg cite this as still being a factor, along with:
  • Traders are blaming low volumes
  • & citing attractive returns from traditional assets
  • Also … Smaller miners are also getting squeezed out by the falling price, causing further selling toward the break-even level of around $5,600 to $6,400 (this is dubbed "miner capitulation" … you might think that miners dropping out would (at least temporarily) reduce supply and thus act as a supportive factor but here we are ;-) )
I posted earlier on the slide for the cryptocurrency here: Weekend (and into Monday) bitcoin update (down date is a better description)


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