Bitcoin price weakened since Wednesday when price was hovering at around 12k. Today it dropped to $9910 in major exchanges like Binance. What caused the dip? Well, there might be many reasons for the bitcoin price crash but what seems interesting is – more people are buying bitcoin now than ever.
What caused the bitcoin crash this week?
- There were news of police raid at Bithumb headquarter in South Korea.
- US Stock market and Global equities were hitting all time high.
- DeFi was going crazy and Ethereum network was congested with all time high network fees.
- Fox News showed their upcoming election poll challenging Trump.
- Coronvirus seems still unstoppable infecting more than 26 millions people globally.
- Fear of recession and inflation triggering slowly everywhere.
- Second round of money printing by Fed has not yet happened.
- Miners need money. More money! Money right now!
All these show there is high amount of fear in the market. And it is obvious many whales or miners might have cashed out to be safe in dollar.
Are people buying or selling more bitcoin?
This is so easy question. People are buying more bitcoin. But bitcoin price crashed because few whales or miners are selling bitcoin in large quantity.
And did you buy the dip? Or were you the one selling the bitcoin in panic? Let us know!