Here’s Who to Blame for Bitcoin’s Decline Except Germany and Mt.Gox

While many experts believe that Mt.Gox and the German government are the main reasons for Bitcoin's recent decline, Matrixport experts attributed the drop to Korean investors.

Matrixport’s latest analysis looks at the relationship between Bitcoin’s decline and Korean investors, suggesting that the recent drop was likely influenced by Korean retailers.

The company’s analysts say that the majority of Bitcoin’ s decline over the past 30 days, amounting to 13% of the total decline, occurred during Asian trading hours.

They believe that Korean retail investors have had an impact on Bitcoin’s recent decline, as the majority of BTC’s overall decline has occurred during Asian trading hours. It is also speculated that, as retail investors have left the market, they have been replaced by institutional investors.

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According to them, the market is now more stable and volatility over the weekend was minimal as many investors followed the institutional buying and selling from Monday to Friday. Analysts also said that due to limited retail activity, Bitcoin is increasingly dominated by institutional investors, which is leading to a decrease in volatility.

The report also highlights that the volume of BTC transactions on South Korean exchanges contributes significantly to their annual volumes. It is also claimed that Korean investors play a crucial role in the volumes of altcoins as well as BTC. Furthermore, it is mentioned that, as there is no crypto futures market in South Korea, retail investors often turn to altcoins as a leveraged option.

Kosta Gushterov