This week, the price of bitcoin sold off in a series of steps from a $684 peak on July 18 down to a series of lower lows. Price traded sideways for much of the week before July 30ths $657 high was tipped. A massive sell off followed on July 31 and August 1st, bringing down price to a shocking $614 low. Speculation points at the impact of a secret meeting in Hong Kong between 20 Bitcoin Core developers and Chinese Miners.
Bitcoin Core and Chinese MIners Secret Meeting Sparks Sells Off
“What outcomes do we expect from the FOMC core dev meeting with miners right now?Does anyone expect some new information to impact the market in the next few days?”
The timing of the sell off is not surprising at all. Bitcoin’s price has always been vulnerable to these kind of event triggered sell offs. Most recently, Mike Hearn’s rage quit back in February that led to a 15% sell off.
After May and July’s meteoric rise to