Bitcoin Price as fallen down to at least 20 percent. The Cryptocurrency gained $11,434 at one point and then plunged back to a new low of $9,009. This trajectory was noted by various analysts, and it was also observed that after the initial highs, the price was back to where it had started at the beginning of the session. The experts can only speculate the reason of the fall in the price, but it has been reported that the selling began in earnest when there was a power outage at the at the Coinbase inc. and it came as low as $9,009.
Christopher Grey, the co-founder of CapLinked Inc. has noted the severe drop in the prices as, “people who are using the media to manipulate the prices of various coins for quick profits both up and down, especially because nobody is regulating or watching these markets.”
He also said, that “Market manipulation that would be illegal for most other things can be done basically without risk for now in these crypto markets.”
Even though there is no solid proof for all the theories that are floating about the fall, it should be taken as a caution with all the business men who have been rushing to by the Cryptocurreny because of the media hype.