You say that there was no news that triggered the selling off... but price started falling since the CME futures was released, surely that has to be taken into account as the possible cause for why bitcoin's market cap has reduced by $125 billion and it's price down nearly $8,000?
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Corrections happen.
Yes they do my friend, maybe this is a correction, I cannot tell the future but I do believe bitcoin will make way for another coin with more promising technology and purpose and they will become the market leaders of the near future.
Well, that's a given. BitCoin has issues with transaction times and fees. But, right now, it is the name that is known. The other coins will have to fight for the space, but better coins are already out there.