It is evident the Bitcoin price has been struggling for some time now. After multiple days of sideways trading, we’d get either a break upward or massive dip. Sadly, it became the latter, and it is dragging all other cryptocurrencies with it. This is far from an ideal situation, but things will eventually recover. After all, Bitcoin needed a correction pretty badly, and it was only a member of time when that happened.
Even though people have high hopes for Bitcoin futures, they are not helping right now. Since these products launched, things have been quiet for the Bitcoin price. It is evident exposing Wall Street to Bitcoin isn’t necessarily a good idea. Especially not without making them buy BTC first and foremost. Right now, this entire market is even more manipulated than otherwise. Not a good situation by any means.
Panic in the West Causes Bitcoin Price Drop
One thing to keep in mind is how the Bitcoin price will eventually recover. When that will happen, remains to be seen. For now, there is plenty of blood in the water. Whales are bleeding and the sharks are circling en masse. It is not unlikely we will see the Bitcoin price drop to $11,000 or lower. It’s a healthy correction, though. Sadly, all other currencies are being dragged with it as well. Altcoins need to decouple themselves from Bitcoin soon to avoid these issues.
While things may look bleak, not all hope is lost yet. Most exchanges are holding steady above $14,000 right now, but that may not last all that long. Bithumb is still trading at over $18,000. This means the Bitcoin price in Korea lost $1,500 compared to this morning. The Western world, on the other hand, has seen a dip of nearly $3,500 in the same period. It is evident some manipulation may be going on behind the scenes.
Unsurprisingly, some USDT pairs are dragging the Bitcoin price with it. Bitfinex is also trading below other exchanges right now. Both USDT and Bitfinex have been very suspicious all week long. It started with some oddities in the altcoin sector. This is now spreading to Bitcoin as well.Whether or not this is suspicious, remains to be seen. A lot of people hinge on the Bitfinex price, which is never a good sign by any means. This is a decentralized ecosystem and the global average price is still well above $16,000 right now. There is zero reason to sell below this value.
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