Within just a few minutes, Bitcoin's price decreased from over $7,800 to $7,500. The current BTC price is around $7,530. The price, then, decreased by over 5% in a day.
BTC's rate below $7,500
This day was not very good for the cryptocurrency king. After its exchange rate exceeded the support level of $8,000, many analysts announced further declines. The panic, apparently, did its job. At 8am, the Bitcoin price decreased from $7,800 to $7,470. It managed to increase again rather fast and rise above $7,500, however.
FUD about the Chinese police attack on Binance
What could have affected this sudden price movement? In the afternoon, there were reports that the Chinese authorities are attacking the office of the Binance cryptocurrency exchange in Shanghai. The Block was the first to report the attack, citing an unspecified local source. A spokesman for the platform quickly denied these rumors, arguing that no notice from the authorities had reached them.
We don't have entities in China, most of us work remotely in China, so it would be pointless if the police decided to attack them and wanted to close them [...] Recently, there has been a sharp increase in the number of negative articles and actions against Binance in China. We did not go into the causes of this problem, though, because we prefer to continue building our solutions.
Perhaps this type of information partially contributed to the decrease in the BTC rate. We should note, however, that many analysts presented quite pessimistic forecasts for the future price of Bitcoin today, which also translated into market response to some extent.
Almost all CoinMarketCap cryptocurrencies' prices have decreased today by about 5%. What happened to Bitcoin, had a significant impact on altcoins.