Bitcoin : Abalysis: Bitcoin’s Crash Looks like a Real Currency Crisis – CoinNess.com
According to the analysis of Bloomberg, the virtual currency’s behavior since the start of the year doesn’t just look like a bubble bursting, and it looks more like a currency under attack. A charitable interpretation of this kind of movement in Bitcoin, which has no central bank, would be of a tight-knit community banding together to protect their investment.
According to Raoul Pal, a former manager at hedge fund GLG Partners turned-adviser, flagged Bitcoin’s currency-peg-like movements before it fell through the $6,000 level. If this defense has been breached, and regulators’ probes turn up evidence of price manipulation, this year’s selloff will be about more than just a cyclical bear market.
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