Did Bitcoin fall prey to a ‘risk-off’ play from the traditional market
On 7 September, Bitcoin dropped by 11%. On 20 September, it declined by close to 9% yet again. However, the panic surrounding yesterday’s 8.30% drop has been far greater. The key difference between all these corrections is that on 3 December, the correction wick was close to 22%.
It was the largest correction wick since 19 May, and that is one particular reason which irked the market in a wrong way.
In this article, we will unravel other factors that may have contributed to Bitcoin’s and the collective crypto-market’s drop.
Now, it is important to understand that it was not manipulation like previous corrections, but profit-taking was possibly orchestrated by a group of large investors. The drop occurred on a weekend, as the traditional market
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