The strenghtening US dollar and technical issues at major crypto exchange Coinbase might be partially blamed for the bitcoin (BTC) crash seen yesterday, according to analysts.
There's something behind every crash of the world's number one crypto, and many become determined to find who and what is to blame. Some believe that one of the factors behind yesterday's price drop to c. USD 30,700 per bitcoin could be the USD.
If "we're really looking for a more cause-and-effect driver to explain [Monday's] pullback, other than the obvious "what goes up must come down" element, it would be [Monday's] uncanny apparent correlation to the US dollar, which bounced hard off her own lows [on Monday]," Mati Greenspan, founder of Quantum Economics, wrote in his newsletter yesterday, adding that stocks and commodities are also softening on the greenback's strength.
Greenspan further added that there is nobody who could "say exactly where it will turn around, or when the pain will end," but to him, this price action seemed "oddly reminiscent of the early 2017 bull market pullbacks."
https://cryptonews.com/news/us-dollar-and-coinbase-also-blamed-for-bitcoin-sell-off-8876.htm