4 Possible Reasons Bitcoin Dropped to $6.5K, According to VanEck Exec
William Suberg's original article for cointelegraph.com reduced by 78%
Bitcoin price's decline has come as a result of geopolitical and financial factors, a senior investment executive has suggested. In a tweet on Nov. 25, Gabor Gurbacs, digital asset director at investment management giant VanEck, highlighted several causes which, he says, "May" have forced Bitcoin to lows of $6,500.
His findings chime with general sentiment over Bitcoin price, which recovered around 11% on Monday to linger around $7,200 at press time. Like many, Gurbacs accepted that China reportedly cracking down on cryptocurrency exchanges offering services to its nationals had piled pressure on Bitcoin. As Cointelegraph reported, an increasingly popular theory around Bitcoin trading activity focuses on tax obligations.
According to Gurbacs, who cited data from Skew Markets, liquidity on Bitcoin trading platforms is facing a significant squeeze. "Bid-offer spreads widest in the past 3 months. Be careful out there.
Market can snap fast any direction. Ease into positions. Avoid large/any market orders," Gurbacs advised.
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