The reason for BITCOIN dropping 15% this week

in #bitcoin • 6 years ago

Bitcoin(BTC) has dropped over 15% this week!! DAMN!!!

Here is the reason why it fell down 15%.

We know that the Bitcoin(BTC) price increased drastically around december 15th -17th but the price has dropped now to $14,931. This is largely due to the Bitcoin Cash(BCH) getting added to Coinbase Exchange. Coinbase is one of the largest exchange in United states.It is headquartered in San Francisco, California. There are around 13,300,000 users as of November 2017.

Coinbase only supported 3 currencies (Bitcoin(BTC) , Ethereum(ETH) and Litecoin(LTC)) till 18th. On dec 19th, it added Bitcoin cash(BCH) as the 4th currency. This created a huge hype across users and people started moving their asset from Bitcoin (BTC) to Bitcoin Cash(BCH). It lead to increased demand and the price has risen. Similar patterns were observed when the existing coins were added to Coinbase. Adding new coins to a large exchange drives the price significantly.

The price of Bitcoin Cash (BCH) also shot up to $8000 while the other exchanges listed Bitcoin Cash(BCH) around $3000. This could be due to the insider trading at Coinbase and Coinbase CEO is investigating the insider leaks in the organisation.

It is believed that Coinbase is going to add few more currencies in 2018. Let #HODL till then!

#bitcoincash #crypto #currency #coinbase
6 years ago in #bitcoin by
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