So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?
There is a huge possibility that the cause of the falling value was the ransomware group who sold all their bitcoins. But let be realistic and be true to ourselves that the cause of the price meltdown was the dumping of coins by many bitcoin holders who wanted profit from it. This is now the trend in the market the bitcoin holders will buy and hold their coins and finally if they find an opportunity they will sell it thus causing others to panic and sell their bitcoins and it will end up to a massive corrosion of bitcoins value. But there is a wall or limit for these dumps and that is the 2000$ value. The fall will not go down 2000$.
No, the value of bitcoin reduction does not relate to hackers who own large amounts of bitcoin in wanacry. Bitcoin discount is a necessity, developers have adjusted the value of bitcoin to control its outbreak. At present, bitcoin has entered a stable period, we can rest assured.