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    Bitcoin’s Drop to $8,100 Renews the Call for a Fall Below $7,000

    Could this drop in BTC price be triggered by Google or Xi Jinping?

    • Guppy flips red, more pain ahead for Bitcoin?
    • Meanwhile, altcoins volatility to the upside has been picking up

    Yesterday, the Bitcoin price dropped almost 7% as it went from a high of $8,600 to about $8,000 level. Currently, BTC/USD is trading at $8,073 with 24 hours loss of 3.92%, as per Coincodex while managing the daily trading volume of $334 million, up from yesterday’s $175 million. For a brief few minutes, the BTC price dropped below $8,000 falling to $7,989 on Bitstamp.

    As Bitcoin price drops, altcoins go in the deep end. ETH and XRP are the least losers with about a 4% loss in their value. Other top cryptos are down between 5 to 8%.

    Source: Coin360

    Is this drop in BTC price triggered by Google or Xi Jinping?

    The search giant first achieved quantum supremacy earlier this month than last week Google announced its plan to launch the “smart checking” bank accounts via Google Pay that reported 11.1 million users in the US last year, in partnership with Citigroup. Code-named cache, this project is due to be launched sometime next year alongside Facebook's stablecoin Libra.

    This move followed Facebook introducing Facebook Pay and Apple’s Goldman Sachs-backed Apple Card. Amazon is also planning to introduce personal accounts for its customers while Uber is offering bank accounts and credit to its drivers.

    However, tech giant's recent foray into the banking industry is not in direct competition with Bitcoin, a decentralized, censorship-resistant store of value. As such this news from last week is not expected to push BTC price downwards.

    However, Chinese President Xi Jinping might have some contribution to this. After promoting blockchain technology in late October, that led to an increase of 42% in BTC price, as we reported, Xi is now back to reinforcing the blockchain not bitcoin narrative with the CCTV1, the national flagship television network doing a report on cryptocurrencies, calling them “unregistered security, financial fraud, and illegal Ponzi.”

    Guppy Flips Red, More Pain Ahead for Bitcoin?

    After the 42% increase in price on Oct. 15-16 and trading volume remaining extremely low, a fall has been projected. Though a drop has been already expected, this deeper retracement has the targets changing.

    Analyst Bob Loukas who has been expecting Bitcoin to make a move to the upside to $9k before seeing $8,400 now sees the leading cryptocurrency to tumble down to $6,900 level. He said,

    “Didn't find the support. Therefore have to lean more bearish with greater respect for downtrend that still (technically) dominates.”

    However, this could turn out to be a good thing for altcoins as their volatility to the upside has been picking up.

    Live Bitcoin (BTC) Price:

    1 BTC/USD =$8,671.7917 change ~ -0.04%

    Coin Market Cap

    $157.59 Billion

    24 Hour Volume

    $5 Billion

    24 Hour VWAP

    $8.67 K

    24 Hour Change

    $-3.2424

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    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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