Mere Coincidence? Miners Meet Core Developers, Bitcoin Price Plummets
The repetitive phenomenon of the fall in price of Bitcoin, coinciding with the meetings between the miners and core developers, has attracted concern within the industry.
The repetitive phenomenon of the fall in price of Bitcoin, coinciding with the meetings between the miners of the cryptocurrency and its core developers, has attracted concern within the industry. The recent drop in price may have been influenced by certain other factors away from the meeting. However, ruling out the impact from the meeting could mean ignoring a pattern which is seen to have developed over time.
As the analysis of the possible causes of the recent loss in value of the cryptocurrency continues, considering both technical and fundamental factors and projecting the future of Bitcoin, some experts offered their opinions to Cointelegraph.
“I guess one explanation could be that it’s just a coincidence, the sample is small enough for it to be possible. Another explanation could be that certain holders of Bitcoin expect negative outcomes of those meetings and sell prior to them.”
Will a downward trend in price continue?
Michael Vogel, CEO of Netcoins, sees the phenomenon as a normal development when there are closed door meetings, and, as such, arebound to create a level of uncertainty until the result of the meeting is out.
“Price drops like this can be summed up in one word: Uncertainty. Any type of closed door meeting is guaranteed to raise concerns. This is the same type of effect that we see with publicly traded companies, although Bitcoin is very different from a publicly traded entity. I don't see any evidence that a downward trend in price will continue. The result of meetings with Bitcoin miners and core developers will be further clarity on Bitcoin's development, which will eliminate the uncertainty factor.”
Roger Ver, Bitcoin Evangelist, thinks that the falling price is simply a sign of the mood of the holders of the cryptocurrency.
"The price falling is a clear sign that holders of Bitcoin are less willing to hold, most likely because they are unhappy about the future prospects for Bitcoin based on the meeting”.
“I think the price dropped this time around (apart from because of the obvious hack, of course) because it simply came down from its Brexit spike.”