24 hours ago, bitcoin lost more than $800 in less than an hours and at the time of posting this, Bitcoin price is $8,738. There are several fundamental analysis that can be used to explain this sudden drop in price as seen earlier in price trends of the cryptocurrency.
Let us examine some of these factors.
1. Binance Crypto Hack rumor
Hackers were said to have exploited the API keys of the exchange company leading to more than 10% sudden drop in price of bitcoin yesterday. This led the company to halt withdrawals. Investors should not have expected anything different as Binance is one of the largest 4 Cryptocurrency Exchange companies in the world according to COINMARKETCAP.
Binance CEO Changpeng Zhao however twitted on Wednesday that customers funds are safe inorder to reassure its huge customer base spread across the world. Check out his tweet here
On the 7th of March, The Security and Exchange Commission (SEC) in the US has further reaffirmed its regulatory oversights especially concerning coins which meet the standard definition of security (and not utility) that such must register with the agency. The SEC further advised investors to use only platforms, especially the online trading platforms which are registered with the agency in order to get the protected status offered by the commission. the Read the official report here
3. The $400 million sell out effect of Bitcoin and Bitcoin Cash by Mt Gox Trustee
A trustee of Mt Gox, Nobuaki Kobayashi recently revealed that as much as $400 Million worth of Bitcoin and Bitcoin cash was sold off. He explained that the bankrupt company tried to do that for distribution resources. 
Read the full report in Japanese here
Kobayashi also said that a future liquidation is still pending as more Bitcoin and Bitcoin cash will still be sold.
These are some of the most obvious reasons behind the sharp drop in price although there may still be other reasons associated. Let me know your thoughts in the comment below
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