Capped by a recent run of negative news, Bitcoin's possible upside appears..
Last week's hacking against the exchange Coincheck, CoinDesk's Bitcoin Price Index (BPI) turned lower from $11,942 (Sunday high), ultimately hitting a low of $11,110 at 09:59 UTC Monday. Still, what may be more notable is not the recent price (which continues its sideways 2018 trajectory), but the changing narrative for potential buyers.
Though the Coincheck news did not impact bitcoin directly (no bitcoin was stolen), it does appear to have marked a change in a mainstream news narrative that has breathlessly provided tailwinds for the market since late last year.
For example, the 6.9 percent drop from the high of $11,492 may be due to concerns regarding the solvency of a startup called Tether, which provides a proxy cryptocurrency used by exchanges in lieu of the U.S. dollar.
While bloggers have long accused Tether of creating the asset out of thin air, news reports are now speculating doomsday scenarios following a CoinDesk report that suggests the startup has broken ties with an auditor acquired to calm market fears.