Bitcoin traders woke up to some bad news Monday morning, as the price of the coin dropped by nearly 4%. The move brought the price down below the previously held support at $8,500 and left many wondering what caused the struggle.

Some have suggested that the news of Google’s new checking account, Cache, could be a potential culprit. Called a ‘Bitcoin killer’ by some, the tech giant’s new offer would allow users to have GooglePay dedicated Citigroup checking accounts.

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Do you guys agree about this kind of reason why Bitcoin dropped nearly 4% as of now? I know that there are many factors or reasons behind this, but I am not really sure if Cache is actually doing this.

Same thing goes for the bull run or price spike. We can't tell exactly the true reason behind the sudden price changes.

What are your thoughts or opinions about this one guys? Would like to hear you out, and I'll appreciate it. Thanks!

How is a checking account even going to compete with bitcoin though? They're in different categories. To add to that, are people even still being sold with the "bitcoin killer" to hype up a project? There have been so much "bitcoin killers" throughout the years and nothing has even came close to killing Bitcoin.

the graph shows bitcoin is still in a bearish condition, some level of price increase does not trigger an accumulative direction and makes many traders finally change their minds to at least return to a point below $8000.

there is no fundamental influence on the BTC sharply, even after China began to have an attitude towards the blockchain and not enough to bring up a long trend.

Every time Bitcoin's price makes a rapid movement, crypto media will immediately try to tie it to some event that happened recently. If you look at the charts, Bitcoin was under bearish pressure for weeks - it failed to break past the walls at $9k and since then was defending its current positions. A lot of analysts have predicted that Bitcoin will soon plunge further if it fails to sustain the key $8,500 level, and this is exactly what happened. These Google news are really irrelevant to Bitcoin, it's just another centralized payment processor, it's not a direct competition to Bitcoin.

I think this has nothing to do with the decline in bitcoin today, there may be certain factors that cause price reductions, because we know Google is currently launching a current account product that works with banks and credit unions, this is certainly very crazy if you declare a decrease in bitcoin which is caused by Google's new checking account because basically bitcoin has nothing to do with the banking system and other government financial systems.

whatever Google does will have no effect on the price of bitcoin unless they announce to start using blockchain and bitcoin technology, I see this falling price, maybe a lot of traders are testing how strong the bears have been until now on the market, in mind like this since 2017 bitcoin is almost touching $ 20k and the bear market pushed them to $ 3150 as low as December 2018, at the start of 2019, if not mistaken, prices have risen since February around $ 3,500 to nearly $ 14k last June, at the current price correction testing the price of another low where yesterday just look under $ 7800, at least to get an answer if the bear already looks weak, if YES bitcoin will soon be heading for the next ATH

These are all speculations and guessing but actualy there is no proof of pattern of Bitcoin price behaviour at the end of the year. Some claim the price always falls and some that always rises at the end of the year but I would tell there are no other market rules or conditions that are different for end of the year compared to the rest of it.
Also, Google doesn't influence the price of Bitcoin, there is no connection.

Nah.. I don't think that Google's new product had any impact on the Bitcoin price. It is just the law of supply and demand. We don't have big liquidity in the crypto markets as you are probably aware of so this is why we get these kind of more brutal moves. Hopefully it ain't going to be too long before we resume the bull trend. Until then smart people accumulate BTC. I think most of the people underestimate the power of scarcity and limited supply.

Think about this: the total estimated gold in the world today is around 181,900 tonnes. If each ton has 32150 ounces then G has a supply of around 5,8 BILLION ounces with 1 oz of gold = $1400 you can figure out what kind of numbers can BTC hit with only 21M supply. 5.8B/21M = 276 ( the supply is 276x lower than GOLD's CURRENT supply.) If BTC global evaluation would be equal to GOLD then we get a price of: 276x$1400 =  $386,400/BTC

When we take into account that ~4M BTC are considered lost then we get a 17M supply which is 341x lower. Making the same maths as above we get a price of $477,400/BTC

It's normal that the prices fall, it can be considered as correction as we experienced a bit of increase this past months. I don't think that there is something to do with the Google as bitcoin is always been volatile, dump and pump happens due to manipulators andbecause of countries adoption not merely on updates of other apps as they are different in focus.

Anything that is being advertised to be this or that killer ends up being a huge disappointment. Many Bitcoin, Ethereum, Coinbase, Binance, etc killers have all ended up either failing directly or perform below average for a long period of time to fail later on.

I do somewhat like it though, because it means that Bitcoin is doing something very well, otherwise there wouldn't be a need to be referred to as Bitcoin killer. It means that you want to deliver something that's better than Bitcoin. In other words, Bitcoin is the main benchmark when it comes to financial projects and whatnot.