On Sunday the Bitcoin price dropped by almost 6%. This was following a positive drive in Bitcoin’s price on Friday and a positive spike on Saturday which seemed to be promising an upward incline. The token fell rapidly, however, and lost 5.85% in only an hour.
The charts from CoinMarketCap show the quick rise and subsequent drop that the weekend saw.
The market cap of the global market took a similar knock and shows a similar pattern following Bitcoin’s drop. At present, Bitcoin is in the red and is offering a decreasing trading volume of 0.30%. Ripple is also in the red with a day-on-day trading difference of -0.40%. Ethereum, on the other hand, is showing a conservative increase of 0.19%.
In order to understand what the general population attributed the drop to, senior analyst for eToro Mati Greenspan took to Twitter and asked in a poll whether individuals thought the drop was owing to cryptocurrency bots, Bitcoin whales, price manipulation or something else.
Settle this for us Twitter. Sunday’s sudden drop of 5.85% in an hour was due to…
— Mati Greenspan (@MatiGreenspan) January 21, 2019
According to the results, almost 50% of those who answered think that Bitcoin’s downward dip is because of some form of manipulation.
Although Greenspan’s poll does not provide any clear evidence of the market’s movements, it does give an idea of how individuals perceive the dynamics in the cryptocurrency industry. Almost half of the investors and enthusiasts who engaged in the poll believe that manipulation was to blame, whether or not any manipulation was actually at play.
In October last year, a study was conducted to investigate whether Bitcoin whales might be correlated with price volatility in the market. According to the research, it was found that Bitcoin whales are not related to volatility. Despite the potential shifts that large investors could make in the market, only one-third of the whales were found to be actively trading.