The price of Bitcoin fell for the third time this week. This is why

Cryptocurrency market analysts believe that this is due to the entry of bitcoin miners into the market and the test of South Korean exchanges.

in short

This is the third crash of Bitcoin this week.

It stabilized at around $10,000.

Experts blamed the test on the cryptocurrency exchange and abandoned the miners.

Today, the price of Bitcoin has dropped slightly again, falling from 6,10,600 to around 10,245 in just over an hour, which is 3% lower than the benchmark CoinMarketCap data every day. It sounds small, but this is the third major accident this week. why?

Bitcoin rose to $12,067 on Tuesday. But then it started to collapse. The biggest ka-dush drop since Wednesday, fell from 7 11,726 to 2 11,395 in two hours. Gerblank dropped from 11259 points in one hour to 11 10849 points on Thursday. Its latest fault er, krrrr-sploosh, happened today. It rebounded slightly to 4 10,463.

Why did Bitcoin crash during one of the busiest cryptocurrency weeks? The way Bitcoin works is mysterious, but experts provide some possible decryption options.

Simon Peters, a market analyst at the crypto trading platform eToro, put forward "several possible reasons."

He said the culprit was "miners' trash." Peters said: "The on-chain analytics website recently reported that the trading volume of the mining pool is higher than usual."

Charles Boward, a researcher at Quantum Economics, a cryptocurrency economic research firm, agrees: "One factor is that the miners may be the ones selling their cryptocurrencies," he told Decrypt.

Sinolysis chief economist Philip Gratwell discovered this week that using blockchain survey technology found that Bitcoin is pouring into exchanges at record levels.

He said on Twitter: "Yesterday, the number of bitcoin exchanges was 92,000, which is the highest level in 37 days, because people rushed to sell products for 12,000 on September 1."

When a large number of people collectively pour Bitcoin into the market, the price often rises because traders want to make money to make money-then, the price of Bitcoin usually falls, not rises.

Next is the hypothetical Peters, "Attack/Capture Bits". Pythagoras, South Korea's largest cryptocurrency exchange was raided by police yesterday. According to a report in the Seoul newspaper, the test is related to the sale of $25 million in the Blockchain Exchange Alliance (PXA) token.

Another reason is the turbulence in the stock market this week. After the collapse of COVID-19, the US stock market plummeted this summer. In the first two days, the Nasdaq fell 7% and the Dow fell 2.2%

Bitcoin is generally considered a safe-haven asset, which means it has nothing to do with the stock market. However, Bitcoin crashed with the stock market in March, and this may still be the case this week.

But this is not less than $10,000, which is the mythical price of cryptocurrency that Bitcoin is strong and stable. "I believe there will be strong support around $10,000," Bowart said.

Peters said: "We have tested 10 grams of K twice in the past 24 hours, and it seems that it is now possible."

"This may provide an opportunity for marginalized bulls to step in."

For holders, we hope that they have no weak.