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Bitcoin Price Plunges | Bitcoin Investors’ Joy is Shortlived

After trading above $8,000 less than a day, Bitcoin (BTC) price plunged on May 17 and it was trading at around $7,200 which is a 10% drop within a day.

Other cryptocurrencies have also experienced a price drop. Ethereum dropped 7.97% to around $240 while XRP lost 15.4% and it’s trading at $0.399. The cryptocurrency industry market capitalization fell by 8% which result in about $21 billion being wiped out in 24 hours.

Bitcoin Price Drop Triggered by Huge Bitcoin Sell Order

The sudden decline in Bitcoin price was prompted by the placement of a huge sell order on Bitstamp as well as other cryptocurrency exchanges which caused contracts on margin trading exchanges such as BitMEX to be liquidated.

Someone placed a huge sell order of 5,000 bitcoin on Bitstamp that BitMEX uses for about 50% of its feed and it seems like it triggered some kind of algorithm that impacted on BitMEX. Gnosis Developer Eric Conner said that the manipulation of the cryptocurrency market by a single sell order may actually hurt the possibility of the exchange-traded fund getting approval in future.

The 5,000 BTC Bitstamp sell resulted in a sell-off on Ethereum and Bitcoin on BitMEX which resulted in a drop in the valuation of the cryptocurrency market by almost $30 billon. In the past week, Bitcoin price jumped 26% from $6,200 to around $8,300.

Crypto Assets Far From Being Viable Currency Options

Analysts such as Alex Kruger of Global markets believe that the overnight 10% decline of cryptocurrencies indicates how the narrative of crypto assets being a viable option to global financial instability is far from being true.

Despite the short-term drop in bitcoin price and other crypto assets there is still hope that the market will pick an upward momentum in coming months.  Although the drop is seen as a minor setback it nonetheless caught most investors by surprise.

If cryptocurrency markets were regulated with trusted platforms then it could have been difficult to manipulated prices of crypto assets and the market like what happened.

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Tom Lee Bitcoin Price Target Changed

Last month, Bitcoin enthusiasts breathed a sigh of relief when they were informed that the Tom Lee Bitcoin price target was $25K by the end of 2018.

But a month later, now in the second half of the year, Tom Lee has changed his mind. He now expects that Bitcoin will trade a little over $20,000 by year-end.

Tom Lee Bitcoin Price Target: 20% Less Than Original

As the Bitcoin bulls and bears continue to fight, the Fundstrat co-founder has sided with both in certain instances. He admitted that Bitcoin’s trading volume has dropped. He cut his Bitcoin price target. Yet Mr. Lee made it evident Thursday that this is not something investors should fret over.

The New Tom Lee Bitcoin Price Target: July 5th, 2018

On Thursday, in an interview with CNBC, Lee said that he had cut his price target and expects to see Bitcoin at $22,000 per unit by the end of 2018. That’s 20% less than his previous $25K year-end projection.

According to Tom Lee, this is OK. He said any return nearing his $20K forecast for the coin by the end of the year would be an increase of roughly 200%.

Tom Lee Bitcoin Thoughts: Early Stages

In May, Bitcoin reached its most recent high, which was around the $9,800 price mark. Since then, BTC has lost roughly 30%.

Despite this, Tom Lee believes that Bitcoin, as well as blockchain technology, are only in the “early stages” of their transformation. He even called them a “multidecade story.”

Are Bitcoin Investors Worried?

Tom Lee appears to be undeterred. However, the new Tom Lee Bitcoin price target may have shocked a few people. Why? Because Lee has stuck by his $25K prediction through thick and thin – even when the Bitcoin price dropped during the 2018 Consensus conference.

Takeaway

Are you worried about the slash to the Tom Lee Bitcoin price target? Or, do you share his view that Bitcoin is in the early stages of transformation, and a few thousand is nothing to quibble over?

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