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Is This The Real Reason Behind Bitcoin’s Latest Sell-Off?

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Bitcoin has been struggling recently after a period of stability, suddenly moving sharply lower at the end of last month.
The bitcoin price, which is still up more than double from where it began the year, fell from its recent plateau of around $10,000 per bitcoin to just above $8,000 in a move widely put down to the lackluster performance of the hotly-anticipated Bakkt bitcoin and cryptocurrency platform.
Now, new data has suggested the slump in the bitcoin price might be more to do with the "coming of age" of bitcoin and cryptocurrency markets–with exciting new competitors distracting investors from the long-time crypto poster-boy.


Bitcoin, cryptocurrency and financial markets research company Indexica has found that bitcoin’s strongest predictive measure was its "quotability," it was first reported by  Bloomberg, a financial newswire–meaning traders are treating it like any other investment asset and showing bitcoin is most often being talked about in conjunction with more traditional currencies.

"Now that bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Zak Selbert, chief executive of Indexica told Bloomberg, adding bitcoin’s sensitivity to new competitors such as Facebook's troubled libra project and Mastercard’s partnership with R3 demonstrates the industry's maturity.

(10-18-2019 10:50 AM)njiahderick Wrote: Bitcoin has been struggling recently after a period of stability, suddenly moving sharply lower at the end of last month.
The bitcoin price, which is still up more than double from where it began the year, fell from its recent plateau of around $10,000 per bitcoin to just above $8,000 in a move widely put down to the lackluster performance of the hotly-anticipated Bakkt bitcoin and cryptocurrency platform.
Now, new data has suggested the slump in the bitcoin price might be more to do with the "coming of age" of bitcoin and cryptocurrency markets–with exciting new competitors distracting investors from the long-time crypto poster-boy.


Bitcoin, cryptocurrency and financial markets research company Indexica has found that bitcoin’s strongest predictive measure was its "quotability," it was first reported by  Bloomberg, a financial newswire–meaning traders are treating it like any other investment asset and showing bitcoin is most often being talked about in conjunction with more traditional currencies.

"Now that bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Zak Selbert, chief executive of Indexica told Bloomberg, adding bitcoin’s sensitivity to new competitors such as Facebook's troubled libra project and Mastercard’s partnership with R3 demonstrates the industry's maturity.
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