What made Bitcoin fall towards $8,500 last week?

The past week was marked by a relatively big drop of Bitcoin with its minimum values at $8,500-8,577, as witnessed on Coinmarketcap. Some observers noted that this is the lowest monthly values. What could have accelerated the drop?

Firstly, the price of any asset always goes down when the huge amounts of it are sold - and this is exactly what happened with Bitcoin because of the actions of Nobuaki Kobayashi, bankruptcy trustee of the infamous Mt Gox. He sold 35,841 BTC and 34,008 BCH - the latter cryptocurrency did not exist during the Mt Gox disaster, but many investors who had Bitcoin in possession before the hard fork have acquired Bitcoin Cash (see the related report for details).

In addition, Mr. Kobayashi still has $1.9 bln in digital currency, and his future sells might become the reason of the future drop.

Secondly, the increased pressure from powerful regulators in the United States has contributed to the price drop as well. The local Securities and Exchange Commission has stated that cryptocurrency exchanges do not always match real exchanges in properties, in other words, the Commission suspects that some platforms are playing dirty.

And, thirdly, the hack of Binance which has already been described by Bitnewstoday. Here it is worth mentioning that the hack did not result in any massive financial losses thanks to the exchange defense, but the event itself had some investors on the edge of their seats before the official messages appeared.