© Reuters. 5 Reasons Bitcoin (BTC) Dipped Below $8,200
(BTC) prices went on a continuous downward trend since the $9,300 level. On Monday, the price dipped below $8,200 briefly. BTC traded at $8,255.54 on Tuesday, as the sell-off continues to pressure prices.
The BTC market started to reveal factors that could bring the price down. BTC fell after signs of “capitulation”, just weeks after losing hope for a Halloween rally to $16,000. Here are the recent reasons for prices starting to seek a bottom again.
China’s Unfavorable Comments: The first statement of China’s president Xi Jinping boosted BTC to above $10,000. But now, another feature took the stance of “blockchain not cryptocurrencies”. A CCTV1 feature program called crypto assets scams and Ponzi schemes.
The recent harsh comments only boosted the slide that had already started last week, possibly dampening the enthusiasm of Chinese traders.
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