Bitcoin (BTC) fell by more than 11 percent on Wednesday to reach its lowest level since October 2017. This sudden fall comes after months of contracting volatility leading to a prolonged period of sideways trading and stability. Presently, numerous theories are circulating as to why the top-ranked cryptocurrency has taken such a nosedive.
Looking at the chart below, one can easily make out the massive “death candle” that took the price of Bitcoin all the way down to $5,600. This is the second time that the top-ranked cryptocurrency has fallen below the psychological $6,000 price mark. BTC is now at its lowest point in over a year.