Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banned mining in most regions after giving BTC miners a two-week notice, and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%. The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process. It remains unknown whether China’s decision was influenced or related to Musk’s remarks, but undoubtedly those …

On Sunday Aug. 2 the price of Bitcoin (BTC) dropped by 12% in just 5 minutes. In the same period of time Ether (ETH) dropped by 21% and similar losses were observed with many other altcoins. In retrospect, the general consensus on the cause was an unknown entity unloading roughly $1 billion on the open market during a time of low volume and liquidity. At first thought, one would assume that selling such a huge amount in an illiquid market would be to the detriment of the seller, but given the size of the move, we don’t think the seller …