Bitcoin Price plummeted below the $8000 level today for the first time in last the last thirty-five days. The constant bashing from business icons and trend makers are the most prominent drivers for the steep selloff. Bitcoin price lost 20% of its value since it hit the $9,900 mark on May 12.
The selloff is quite surprising for bulls as they were expecting BTC price to generate solid gains considering Goldman Sachs, NASDAQ, and Intercontinental Exchange are all now backing the coin.
BKCM founder Brian Kelly was also stunned by the market behavior. He believes the entrance of Wall Street into the cryptocurrency market isn’t a small event.
Trend Makers Bashing
Trend makers and remarks from influencers always have a substantial impact on investing markets. Stock market experts, business icons, and Fed’s officials have been expressing negative thoughts for the cryptocurrency market.
Warren Buffett, Bill Gates, PayPal CFO and Ali Baba founder all have rejected the use of cryptocurrencies as the viable currency.
Some of them have criticized crypto coins on higher volatility while others believe it doesn’t have any store of value. This is because they expect Bitcoin and other digital currencies might have a bad ending.
A bearish outlook for Bitcoin price from St. Louis Federal Reserve President James Bullard’s added to the selling pressure. Minneapolis Federal Reserve president Neel Kashkari has also banged the cryptocurrency market, saying it has become a “farce” due to unregulated chaos and escalating fraud.
Bulls Have No Answer for Influential Criticism
Bulls have failed to defend Bitcoin price and the rest of cryptocurrency market. The entire market has been declining at a steady rate over the last two weeks, resulting in the loss of over 100 billion from total market capitalization since May 12. Although Bitcoin bull Tom Lee blames a lack of regularity clarity for the recent losses, retail investors are coming up with reckless claims.
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