2016/09/13 5:00 AM
Analysts and enthusiasts everywhere have enjoyed the large rise in the bitcoin price. After breaking $600, the price hovered in the $620 range for a while. Unfortunately, another drop has occurred, and bitcoin now finds itself stuck in the low $600s. Some believe OKCoin deserves the blame for this fall. However, despite the retraction, market patterns still look bullish.
Also read: Can an Increase in the Block Size Push the Bitcoin Price Higher?
OKCoin Bringing Bitcoin Down?
One of the factors possibly contributing to the drop is a recent liquidation of Chinese bitcoin exchange OKCoin. This is the second time in the last two months where a Chinese exchange held massive sway over the price’s direction.
According to one source, a forced liquidation occurred early on September 9. The author stated:
“It is an astonishing amount of money that was lost by the trader and went into direct ownership of the OKCoin company. 6,519…