The period in which Bitfinex sent out its official statement to its clients coincided with the fall in the price of bitcoin on May 17, when the bitcoin price reached a two-month low at $7,925. It is highly likely that the price drop of bitcoin was largely caused by Bitfinex and the sell-off of investors on the platform trading the bitcoin-to-USD pair.
The cryptocurrency market still remains extremely volatile. Over the past 24 hours, the daily trading volume of the cryptocurrency market has dropped $5 billion, from $21 billion to $16 billion. As such, it is possible that the bitcoin price falls further below from the current rate at $8,320. But, given that the market has already started to recover from the May 17 dip, it is likely that the bitcoin price rebounds soon, along with other major cryptocurrencies and tokens.