Bitcoin Is Droping Again

Bitcoin is melting down once again, slumping by 30% in just a few days, after an unsuccessful attempt at $12,000 resistance level. A few distinct developments caused the recent selloff to intensify.

It seems, that people are “Bitcoined out” a bit currently. This could cause the price to stay below $10k for some time.

It’s not all bad news, but in the short term it could get painful for Bitcoin and the rest of the cryptocurrency complex.

This week isn’t great for bitcoin. It looks like this selloff may continue. After a failed attempt at $12K Bitcoin entered the meltdown phase, cratering by roughly 30% in just a few days. There are several developments, which caused this selloff to intensify after the failed technical attempt sparked the negative price action. But there is one general factor, that has become the “elephant in the room”. Bitcoin’s apparent loss of popularity could keep prices depressed for a lot longer than many people expect. We may see a near perfect storm scenario of developments that could be the reason of current selloff.

The Binance Hack

One of the recent events, that helped to intensify the recent selloff was the Binance exchanges hack. It’s not clear what is the reason of popular exchange issue. But numerous users reported their coins being sold off at random, without their knowledge or consent. The result was the speculation after hack occurred the crypto exchange. Finally it caused Bitcoin and other digital assets to selloff. After following news Bitcoin cratered about 7%.