CryptoWatch: Blame bitcoin’s crash on these sharp new players

Futures trading in bitcoin opened the door for naysayers to participate in the trading market, which had previously been largely dominated by true believers. Now the naysayers have pushed bitcoin’s price down sharply. Since closing at a peak above $19,000 on December 18 — on the first day of futures trading — bitcoin has lost almost half of its value.

Where will the price go from here? Now arbitrageurs can mine bitcoin BTCUSD, -5.54% and sell in the futures market BTCG8, +1.50%XBTG8, -1.59% Bitcoin mining is a competitive business requiring no specialized knowledge or intellectual property.

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