The Bitcoin price (BTC/USD) today fell below $200 on multiple exchanges, bringing the January’s low within close grips.
The new fall, as speculated by many online reports and discussions, was caused by the unexpected halt in BitFinex’s order books. The Hong Kong digital currency exchange, which experienced a flash crash just last week, had paused its trading services for over seven hours. The decision ultimately rippled a panic sell throughout the Bitcoin market, which resulted in a 5-7% fallout in BTC/USD pair.
Nevertheless, the Bitcoin market was already surrounded with a-too-many bearish fundamentals before BitFinex hammered it further down. The irregular price movements were initially caused by the launch of Bitcoin XT — Bitcoin’s much controversial forked client. It was further coupled with a flash crash — once again at BitFinex — that temporarily brought the price down to January’s double bottom.
Correlation with Global Stock Market
Although Bitcoin mostly remains untouched by the global stock markets, but this time, investors seems to have been maintaining their distances from its risky volatility concerning the currency market health. The ongoing turmoil in China’s stock market, coupled with a similar