This market action is not just due to FUD, Bitcoin is very thinly traded, thus prone to market manipulations, institutional traders like ETFs frequently borrow deposited coins from exchanges to put downward pressure on the price while shorting on the futures market... on top of that the market is saturated with bagholders adding more downward pressure on the price. Bear markets are fascinating things to watch.
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Thanks for your post!
Indeed. One such manipulator has been revealed as the Mt Gox trustee who has been dumping bitcoins and bitcoin cash on the market and has been demonstrably driving the price down. It really should be investigated and it matters to all holders of alt coins, not just btc and bcc, or MtGox creditors.
Hi @saltycat, the Mt.Gox trustee has been something of an easy scapegoat lately but imo he really is just a distraction. I think there are people with much deeper pockets than him (miners, exchanges) who can manipulate the market with way more force (or lend their coins for this purpose), especially now that there is a liquid futures market for shorting.