The King of Cryptocurrency is currently now melting once again, following its an unsuccessful attempt at the $12,000 resistance level, Bitcoin is melting down once again, slumping by 30% in just a few days.
According to some reports, a few distinct developments caused the recent selloff to intensify.
People seem to be “Bitcoined out” a bit at the moment, which could cause the price to stay below $10K for some time.
However, it’s not all bad news, but in the short term it could get painful for Bitcoin and the rest of the cryptocurrency complex.
Bitcoin (COIN), (OTCQX:GBTC) is not having a great week, and it looks like this selloff may get even worse. After a failed attempt at $12K Bitcoin entered the meltdown phase, cratering by roughly 30% in just a few days.
Several simultaneous detrimental developments caused this selloff to intensify after the failed technical attempt sparked the negative price action. However, there is one predominant factor that has become the “elephant in the room”.
One of the elements that helped exacerbate the recent selloff was the Binance hack. It’s not exactly clear what caused the issues at the popular exchange, but what is known, is that numerous users reported their coins being sold off at random, without their knowledge or consent.
Bitcoin cratered by about 7% in minutes following the news.