Bitcoin’s Price Decline Sparks Flywheel Effect in Crypto Markets

The price of Bitcoin took a dive during June 20th from a high of $737 USD at 23:00 UTC and has floored to $666 at press time on’s Kaiko index

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Some are blaming the Bitfinex outage, which took place on June 20th’s overnight into the morning of June 21. Some are still shook up over the debacle of Ethereum and the DAO, which took place last week.

Bitcoin Dumps Well Below $700 and Looks Bearish

bitcoin price There could be multiple reasons the price has dropped so low, as the cryptocurrency world had an eventful run last week.

Currently, most of the blame has been pointed at one large exchange for having network issues and “major outages.” Headquartered in Hong Kong, the popular trading platform Bitfinex closed shop twice and was down for hours.

It is possible that, due to the increase in bitcoin’s value and the recent DAO attack, the Bitfinex blunder got people scared, leading some to dump their coins on the market.

Bitfinex stated during the incident:

“We believe that internal networking issues between our servers have been resolved, allowing us to reliably run the backend

Read more ... source: TheBitcoinNews