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At present, the Bitcoin price has been swinging lately with more red than green. Due to the drastic market move, the Bitcoin price has crashed to $9,410. In the past 7 days, the BTC price has lost around $1,000 of its value, with more than 10% decline.
However, few analysts speculated that the reason behind the major bearish trend is actually a massive sell-off. Although, it is unclear exactly what repercussions this Bitcoin price fall will have. Some crypto influencers and analysts have previously warned that a fall below $9,600 could be a gateway to lower price levels.
John McAfee Commenting on Bitcoin Bearish Trend
John McAfee was on the run this entire week. Firstly he was hunted by the CIA, later being detained by the Dominican Republic Armed Forces. After being released by the DRAF, McAfee and his wife have landed in London.
Just a few days after being released from confinement, John McAfee is back on Twitter commenting on the current falling prices. On July 28th, John tweeted saying that pressure from the U.S. is responsible for the bitcoin bearish phase.
McAfee always believed that the US doesn’t have the power to control cryptocurrencies. He also thinks that Bitcoin’s bull run will resume one week from now.
According to coinmarketcap, Bitcoin is currently trading at $9,596.76 with 0.68% growth . BTC is holding market cap $171,250,697,558 USD with $14,532,641,830 USD 24-hour volume and 17,844,637 BTC circulating supply.