Due to market manipulation, A group of cryptocurrency researchers and traders that the bitcoin price has began to fall.
Bitcoin's price has slipped below $8,000 to hit a 35-day low. Just an hour after the May 23 trading session began, data from CoinDesk's Bitcoin Price Index shows the price of the world's largest cryptocurrency started to fall, dropping to its lowest point since April 18.
After steadily climbing up to nearly $10,000 on May 6, bitcoin's price has been on a decline since then towards a current low at $7,876, shows a 20 percent drop over the past two weeks
That said, the current price still shows a 30 percent premium over bitcoin's lowest point this year at $5,947 seen on Feb 5. However, as it did in its previous attempt, the bitcoin price failed to remain above $10,000 mark after briefly testing it on May 5. In other major markets such as Hong Kong and South Korea, the bitcoin price surpassed $10,000 due to their premium rates but in the US, the bitcoin price achieved $9,900 and fell back to $9,600.
Over the past 24 hours, the bitcoin price only dropped by $400 after testing $10,000, which shows that bitcoin has gained stability in the $9,500 region and is capable of bouncing back following large sell offs.
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