On the night of August 14 to August 15, the price of Bitcoin for the first time in a month fell below $10,000. Experts call several theories about the sharp movement of the course. Among them: the decision of the US Securities and Exchange Commission (SEC), the exit of traders from the market and global uncertainty.
Bitcoin is below $10,000: what happened
On the night of August 15th, the BTC price fell below $10000, reaching $9646. By mid-day, Bitcoin won back losses and rose again above $10100. Experts cannot name the exact reason for such a jump in the course. But there are several theories.
Euro Pacific Capital CEO Peter Schiff believes speculators who bought the asset out of fears of a worsening trade war between the US and China began to exit the BTC market. Now, when the voltage has subsided, they are selling BTC. Therefore, the course collapsed.
"It's much easier to invest in Bitcoin than to pull out", – Schiff wrote on Twitter.
Another theory is that the BTC market reacted to negative news from the SEC. The Commission has postponed the final decision on the three proposals for the creation of the Bitcoin ETF. Now, the SEC will issue green or red ETF light no earlier than mid-fall 2019.
Experts also say that global uncertainty could affect the price of BTC due to the approaching UK exit from the EU and the weakening growth of the economies of Germany and China.
But such a theory is difficult to prove or disprove.
"Many analysts are doing everything to connect geopolitical uncertainty with the latest movements in the cryptocurrency market. But it’s actually difficult to say to what extent this is connected", – says Mati Greenspan, senior analyst at eToro tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details platform, in an analysis note for clients.
According to the expert, the last fall of BTC is more connected with the technical "foundation". The BTC price is once again looking for the level of support and "cannot find it.'
Editor: Godfrid Brower