2 Possible Reasons Why Bitcoin Price Crashed Today
Why Bitcoin price crashed today? The moment most traders feared is upon us, Bitcoin price plummeted below $7,500 per coin; a BTC price we have not witnessed for four months. There are speculations that the bleeding may not stop anytime soon. It is expected that whales and daily traders will play wait-and-see and push the crypto market further down.
Yesterday fetched some excitement as the majority of crypto coins were in the green. However, as news quickly disseminate just a few hours later about some events that may affect the crypto market’s future, traders started dumping their stash like a college girl telling her boyfriend she needs more time and space.
Since September 26, Bitcoin’s price has been jumping between $7,800 to $8,300 USD per coin. The first and most popular digital assets consistently failed to hold above $8,300 signaling that momentum was not on traders’ side.
Why bitcoin price crashed today? Let’s explore a few reasons why BTC price suddenly plunged.
1. Mark Zuckerberg grilled by Congress in Washington
It is now clear that Mark Zuckerberg’s Libra project faith lies in the hands of congress. The CEO of Facebook, the largest social media website in the world, was dragged to Washington to face lawmakers for the third time this year. Their aim was to push Mr. Zuck to explain Libra and how he and his company will keep the stablecoin away from money launderers and terrorists. All the parties seriously distrust each other.
It appears that every time the United States’ Congress drags someone to Washington to discuss crypto, Bitcoin pays the price. Whenever BTC price cashes it drags altcoins prices down the rabbit hole. On October 22, the U.S. congresswoman representing the 29th District of Texas, Sylvia Garcia introduced a bill that aims to categorize all stablecoins as securities.
2. Did Google Quantum computer results spook investors?
Another possible reason why Bitcoin price crashed was the news that Google has reached a milestone with quantum computing. Google Quantum. According to the announcement, the new technology has the ability to execute tasks a single supercomputer would take 10,000 years to achieve.
Google’s quantum computer's ability to solve complex algorithms poses a serious threat to the Bitcoin network; that seems to freak the heck out of crypto investors. Speculation is that those investors are rushing to cut their losses or gains by abandoning the ship. That’s the news crypto media, the New York Times, and Bloomberg is reporting today.
Do you agree the 2 reasons listed above may be responsible for why Bitcoin price crashed today? If not, do you have anything to speculate on?
