What Caused Bitcoin to Drop to a New Yearly Low? Factors and Trends17.4

When optimists thought it couldn’t get any worse, it did. In the past 24 hours, after ranging between $3,800 and $4,200 for a week, Bitcoin (BTC) was suddenly subject to another spell of bear market fever, as the asset fell under $3,700, $3,600, and $3,500 in quick succession. BTC even established a new year-to-date low in the recent sell-off, breaching $3,350 on Coinbase in a bearish spasm.

Upon the re-arrival of selling pressure, which sent retail investors into an unrelenting furor, a myriad of industry participants asked what mustered bears into action — the million dollar question lingering about everyone’s mind.

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