Bitcoin dropped quite a way yesterday against the US Dollar. However I have heard rumours there was a $75 million short on just before the drop. Whoever placed this short had pretty good inside information. Probably someone inside Goldman Sachs, after they dropped their plans to open a cryptocurrency trading desk. (SEC?… should you be looking at this?)
There are fundamental reasons for the drop – one of the major financial houses announced they were not setting up a Bitcoin desk after giving hints they would. However – I would expect the market to rally back up again and may be even continue higher in the next months, especially with Brexit.
Just a thought – if everyone switched to Bitcoin there would be no government trade tariffs on sales and purchases. Because governments cannot control the flow of the currency. Once people wise up to this, the cryptocurrency will rocket in value, especially if companies begin using the cryptocurrency regularly, the natural reaction of governments is to make it more difficult for people to buy and sell the currency into fiat. This will push the price up even further.