Bitcoin up $800 from the lows
One of the things I suspect that is driving the selloff is fear of outages. Kraken was down for more than 48 hours last week. Coinbase has had issues as well.
There weren't any big moves during that time but it was a reminder to everyone that selling might not be as easy as clicking the button, and no one wants to get a 404 when there is a panic.
At the same time, scams like Bitconnect are falling apart and suddenly everyone has awoken to the risks.
That said, it's clearly a two-way market. After falling to $9185, Bitcoin has rebounded to $10,226. As ugly as the last month has been, that 10% bounce could be enough to turn fear back into greed.
One idea that's out there is that holders are using the futures market to clear out. I think that gives them too much credit but today is the last trade of the January futures contract.
Here's some fun:
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