Bitcoin (BTC) Drops Below $6,000: 5 Reasons for the Recent Drop

Bitcoin (BTC) expanded its losses on Wednesday, and altcoins followed with steeper losses. BTC unraveled to as low as $5,700 within minutes, quickly abandoning previous lows of $6,192.91 as of 4:00 UTC. While the general negative mood is the chief pressure on the BTC price, there are also last-minute factors pushing the price lower.

BTC later recovered to around $5,585.50 on Bitmex, pressured by speculative trading, and other exchanges saw levels of around $6,200, lower than the usual range. Here are the 5 latest factors acting on the price of Bitcoin:

Chaos surrounding Bitcoin Cash: As the Bitcoin Cash (BCH) network prepares for a hard fork which would entail a hostile attempt at a takeover through a 51% attack, the markets started to react with negativity. The potential attack of miners is an event that undermines the narratives of the immutability of digital assets, and shows that in fact networks are fragile and dependent on human behavior. The unknown outcome for BCH and by extension Bitmain may be putting pressure on BTC prices.

Miners giving up: Bitcoin minin…

This article appeared first on Cryptovest

Like this: Like Loading...