RATE Group | Crypto Crash: Bitcoin Under $6,500 Again; Manipulation, Accumulation or Cleanse?
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Crypto Crash: Bitcoin Under $6,500 Again; Manipulation, Accumulation or Cleanse?

06 Sep Crypto Crash: Bitcoin Under $6,500 Again; Manipulation, Accumulation or Cleanse?

Posted at 07:57h in Bitcoin News by

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The crypto market crashed today, with Bitcoin losing over 12% and the market cap as a whole dropping nearly $39B. We discuss possible reasons and the big picture.

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Bitcoin lost over 12% in the last 24 hours to drop from around $7,380 yesterday to $6,412 today, initiating another crypto crash, with top coins like Ether, Bitcoin Cash, EOS, Litecoin, Cardano and Monero losing nearly 20% in the same period.

Crypto Crash

Why is the crypto market crashing again?

After a rough August, Bitcoin and the crypto market as a whole seemed to be on a course to recovery, backed by positive sentiment and interesting developments. However, the upside appears to be short-lived as the market cap dropped from nearly $239B to $200B in the last 24 hours.

One of the recent setbacks which may have fueled a speedy decline was Goldman Sachs’ decision not to pursue a crypto trading desk in the face of regulatory uncertainty surrounding the digital assets.

This was an important driver for the market given how the…

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