Bitcoin (BTC) fell below $11,000 on Monday, failing to stay afloat in the face of extreme volatility. With the recent drop, predictions of a deeper price decline following the recent record-breaking activity were renewed.
BTC had a successful June, rising from the $8,500 level, but the coming weeks may see the price crash just as fast. Here are the top 5 reasons BTC may be seen falling lower:
Tether (USDT) Trust Crisis: A trust crisis surrounding Tether, Inc. may cause price jitters. Back in October 2018, the loss of the dollar peg for USDT, along with skepticism surrounding the issuer of stablecoins, led to a continued drop in prices, with BTC losing about 50% of its value from the $6,000 level down to lows of $3,200. In 2019, it became clear that each USDT is not fully backed by dollars - and in June alone, another 500 million coins were minted.
Usual BTC Behavior: Profit taking, large-scale whale orders, or just panic selling and bots may bring the price down fast. This has happened for BTC roughl...