Do any body know the exact reason for fall of bitcoin price? It has almost fallen $500 in the past three days.Any specific reason?
People get panicky as the Judgment day nears
I refer to August 1st, obviously. August seems to have always been a hard month for Bitcoin. In 2015 the price collapsed to measly 200 dollars per coin. In 2016 Bitfinex had been hacked with over 100,000 bitcoins stolen (and no one ever saw them again as if they just vanished into nothingness). This year it will the Great Split day which Bitcoin may simply not survive as one coin. So people are selling out their Bitcoin stashes while the price is still high. And we might have yet to see plenty of pain ahead
And you won't be alone
In fact, people are already selling their coins. It seems like the price rebounded somewhat during the last hours (from below 2,100 dollars to over 2,300 dollars per coin at Bitfinex), but this price rise is not sustainable (read the market is thin). People who sold on the way down are not buying back. It is clearly seen by the US dollar loan rates that dropped dramatically today and the spike in the amounts offered. This pretty much means that people are cashing out and parking their wealth in dollars