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Bitcoin Price Dips Below $8,000 as Consensus Fails to Live Up to Hype

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  • Darryn Pollock
    ⭐ Features

    Bitcoin’s bull run has been inconspicuous of late as the digital currency dipped below $8,000 for a number of reasons

Bitcoin Price Dips Below $8,000 as Consensus Fails to Live Up to Hype
Cover image via u.today

Bitcoin was well on its way to $10,000 not too long ago as the steady rally from its position closer to $6,200 led Bitcoin to quite a few green days. However, since touching the limits of $9,900, Bitcoin has dropped to a position where it was under $8,000 for a while today.

There are a few reasons as to why Bitcoin's price is going the way it is currently, with Consensus, a raid in South Korea and a Mt. Gox sell-off probably to be blamed for the negative environment currently.

Consensus flop

The belief, backing on evidence from past years, was that the positive environment surrounding one of the biggest cryptocurrency conferences globally, Consensus, would spike the Bitcoin price.

This has not been the case this year as Bitcoin price first fell on the eve of the conference, but then through the conference, and now after its concussion, the price is even lower.

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In previous years, through the conference, Bitcoin price has gone up between 10 and 69 percent within three years. This is the first time it is in the red at the end of the conference.

South Korean catalyst

Before Consensus began, and the likes of Tom Lee were predicting a boom in Bitcoin price, it fell substantially on the news that Upbit in South Korea had been raided by regulators.

However, since then, the audit of Upbit has revealed that the exchange did not inflate balance sheets, according to reports from South Korean media. This means there was no wrongdoing, and no need for fear and the price to dip, yet it still took a blow as the catalyst that began the latest bear run.

Additionally, amid the news of the South Korean raid, there was apparently another sell-off of Mt. Gox funds in the region of 8,000 BTC.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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John McAfee to List 'Epstein Didn’t Kill Himself' Token on Friday

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    The Jeffrey Epstein murder conspiracy continues to grow in proportion with John McAfee releasing his own token

John McAfee to List 'Epstein Didn’t Kill Himself' Token on Friday
Cover image via u.today

Eccentric antivirus mogul, international fugitive and crypto baron John McAfee is moving forward with the launch of his 'Epstein Didn’t Kill Himself' (WHACKD) token that can easily out-crazy his earlier projects. 

In his freshly posted tweet, which features a picture of former First Lady Hillary Clinton frantically staring at a presumably hanging body, McAfee revealed that WHACKD would be listed on his own cryptocurrency exchange on Friday.     

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The WHACKD token is one of a kind. Apart from being distributed for free, ten percent of every WHACKD transaction will be sent to the burn address. The recipient of every 1000th transaction loses the whole thing. 

The sudden suicide of Jeffrey Epstein raised many eyebrows, and McAfee is among those who believe in a popular conspiracy theory that Epstein was, in fact, murdered in his jail cell on Aug. 10. 

In the meantime, a California-based brewery recently started printing “EPSTEIN DIDN’T KILL HIMSELF” on its beer cans, The New York Post reports.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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