Bitcoin’s price has finally stabilized after plunging in what seemed to be an endless free fall. Of course, many speculated that this price plunge can be attributed to recent crypto exchange attacks—specifically South Korea’s Coinrail, though no tokens were actually stolen—and an inquiry done in the US on bitcoin price manipulation.
Bitcoin experts, in turn, refute the claims, arguing that small events like those cannot possibly affect the cryptocurrency’s price as drastically as critics believe.
The cryptocurrency’s value fell from around $7,600 to $6,100—the lowest it’ been in four months.
The coin is now showing signs of stability as it spiked up again to $6,500. As of this writing, bitcoin is at $6,582.83.
Even so, experts believe that despite the rally, it is possible for the cryptocurrency to fall even further, plunging below the $6,000 mark, repeating the market crash that happened in February this year.
Because of the uncertainty behind the price drops and spikes, regulators suspect price manipulation to have a hand at determining bitcoin’s price, hence the probe in the US.