Why did Bitcoin Fall Below $7,000?

Last night, December 16, the main cryptocurrency rate fell by $200 in minutes.

Important to note is that technical analysts earlier spoke about indicators of a possible drop to the level of $6500. Despite this, market participants want to understand what caused such a sharp fall in the asset rate.

Some experts connect this with the analytical agency Chainalysis report, released on the same day, which tells about the correlation between the BTC price and the elimination of the PlusToken pyramid tokens. Chainalysis experts believe that the attackers sold about 25 thousand Bitcoins, and still hold about 20 thousand coins. Besides, scammers have a large amount of Ethereum on their wallets.

Cryptocurrency analyst Charles Edwards explains yesterday’s drop with the ongoing miner capitulation. The fact is that miners began to turn off inefficient equipment and sell coins to cover losses over the past month. This certainly affects the value of the asset.

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