Bitcoin Plunged By 13%
The main cryptocurrency lost approximately $800 during a couple of hours on Wednesday. The market capitalization dropped from 210 to 180 billion dollars. In June 2018 the Bitcoin already crossed the psychological barrier of $6000. However, it recovered from it very fast then.
What could be the reason for bitcoin’s plummeting?
Analysts started to repeat that the Bitcoin is overestimated and there were not enough customers to buy some BTC during the sell-off period. As a result, the main cryptocurrency plummeted rapidly.
One more possible reason is a spillover from U.S. stock markets, led lower by Apple and Goldman Sachs on Wednesday. It could make an impact on crypto prices.
There is one conspiracy theory with Bitcoin Cash involved. Today BCH will be split into 2 branches: Bitcoin ABC и Bitcoin SV. Craig Steven Wright, self-proclaimed Satoshi Nakamoto and Bitcoin SV backer, announced that if miners switched to Bitcoin Cash, he would have to sell his BTC to fund BCH chains which would lead to BTC crash to $1000.
According to Blockchain Info, 109,234 BTC were transferred to an unknown crypto wallet. It is assumed that Bitcoins were withdrawn from the Bitmex exchange.
Perhaps, everything is connected: threats to miners to get support for Bitcoin SV, and sale of such a solid amount of bitcoins for the Bitcoin SV pump, which will begin immediately after the BCH fork.
Whale Panda thinks that the bitcoin’s fall has nothing in common with inner BCH war because they simply have not enough Bitcoins to crash the price of BTC. To prove this point of view, Whale Panda showed the results of Bitmain’s IPO — Bitmain is one of the biggest mining firms which is owned by a person from Bitcoin ABC team.
Today at 4:40 p.m. UTC we will figure out whether it is all true or false.