FUD causes Bitcoin price fall
As shown in the chart above, Bitcoin price fell to a low of $16,920 earlier today. There are several reasons for the recent fall in prices. The first is the Federal Reserve’s speech, which indicated that rate hikes are likely to continue for some time.
However, the main reason is the ongoing concerns about the solvency of the largest crypto exchange in the world, called Binance. these concerns stemmed from a proof-of-reserve report from analytics firm Mazars Veritas. However, another crypto analysis agency, called CryptoQuant, says that Binance is doing well financially.
Despite that, the craziest rumors are circulating about the fact that almost all major crypto companies in the world are on the verge of collapse.
“Apparently the consensus is that Tether, Binance and DCG will all fall. Possibly even Michael Saylor.”
Well-known crypto analysts also say that today’s price drop is not that special at all. “The crypto prices are falling, but we see the same movement in the stock markets. So we can just classify this as a normal price fluctuation and not as a result of huge panic among crypto traders.”
Bitcoin price to 12 thousand dollars?
Despite the analysts’ reassuring words, the Bitcoin price has fallen below $ 17 thousand. And, as long as the fear persists, the Bitcoin price could just drop to $ 12 thousand.