As everyone knows, bitcoin has dropped roughly three-fold from its December peak. At the height of the mania it touched $20,000 but has since fallen to as low as $6,000. The question of what caused the great decline is one that most bitcoiners have an opinion on. In a bid to settle the matter once and for all, Chainalysis has pored over the data to determine what happened.
According to Chainalysis, bitcoin’s big sell-off was a result of “Regulatory news driving trading volumes and a peak of positive sentiment pushing price; and a lack of fundamentals resulting in herding behaviour across increasingly correlated exchanges and cryptocurrencies.” Basically, we’re all just a bunch of herd animals driven by our emotions, and when one of the flock gets spooked, we all do.
https://news.bitcoin.com/data-reveals-reasons-behind-bitcoins-big-dip/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
