The recent massive price drop in bitcoin on Sunday was nothing short of dramatic. Perhaps what’s surprising and at the same time not is the sudden drop from a sideways-uninspiring market to a bloodbath. Estimates put it at about $42 billion in losses. Nothing unusual in the world of crypto but nonetheless painful.
I even tweeted out asking if anyone could explain what was going on. A friend reached out explaining that there had been a hack of an exchange – Coinrail - in South Korea. We all know how fickle the crypto market can be. All it takes is an announcement that Vitalik Buterin has changed his brand of coffee and the market panics. This, however, was unprecedented. I wondered what was next. If there is anyone out there with knowledge of what really happened, please do tell. There have also been reports of manipulation. As a friend suggested, look at the charts and convince me otherwise. I had no answer to his suggestion. Things were way too exciting. So, where next for the bitcoin price? Your guess is as good as mine.
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