Bitcoin price drops! What happened?

The Bitcoin price corrected to nearly $ 7,250 during the night on May 17. The sharp fall of ten percent hit the entire crypto market. Thus, the Altcoins lost in strength, with a few exceptions dropped all Altcoins in the top 100.

Who would have thought that? Following the strong gains in recent weeks, the Bitcoin price is now back at $ 7,250. He lost just under ten percent within the last 24 hours. At the crypto-trading center Bitstamp, the price sank in the meantime particularly strong; There he scratched at the $ 6,100 mark.

In this regard, a large number of sell walls on that stock exchange seem to be responsible for the price history, which is assigned to a single wallet address. So – so the theory – can accumulate that “Bitcoin Wal” in the current correction again cheaper BTC. A form of profit-taking, which is not uncommon in crypto-space.

In addition, according to another theory, the current Bitcoin price is a result of spoofing. This is a form of market manipulation as it is prohibited on regulated financial markets. In doing so, a market player sends one or more sales or buy orders in relation to the usual trading volume, only to withdraw them shortly before execution.

As a result, other market participants are ultimately affected again, sell and buy orders are equally triggered. Those market participants who are thus spoofing, thus get the opportunity to buy cheaply or to sell their crypto currencies at high prices.

Bitcoin course attracts Altcoins

As so often in the crypto market, the fall of the bitcoin rate plunged the entire crypto market. Accordingly, the Ethereum price or the Ether Token lost nearly nine percent and currently endowed with $ 239.

It also hit the ripple course or the XRP token particularly hard . The same fell during the night on May 17 by almost 15 percent and currently endowed with 0.38 US dollars.

In addition, it should be noted that such corrections in the crypto market are not uncommon. The estimated as well as dreaded volatility is back anyway, with further price movements can be expected.

Shivam Singh

Founder of the TechGrits, has always looked at technology as a piece of knots. From an early age connected to the technological world, this is literally your dream job.

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