Market Prices Drop Significantly; Analysts Searching Causes

Market prices fell more than 10 percent for bitcoin and some altcoins today, with no apparent reason, after the market had been stable for almost a week. This has been named by some the “Flash Crash” because the fall occurred in less than two hours. As always, analysts are studying the market to find the things that had possibly caused this pullback of more than 15 billion.
For some, a hack of an exchange called Coinrail in Korea could have turned the eyes over the inconsistencies in the security that exchanges are offering right now, but this is highly unlikely. The exchange was the victim of a hack that happened this early morning, with an undetermined amount of altcoins withdrawn from their wallets. Despite Coinrail being a small exchange in Korea (number 88 in trading volumes), the psychological effect of a successful hack in a country so highly invested in cryptocurrencies cannot be overstated.
Another possible cause of the price drop could be the ongoing investigation that the Securities and Exchanges Commission and the Commodity Futures Trading Commission about possible price manipulations in the cryptocurrency market. Just today, four exchanges were sent subpoenas to turn in information about their trading platforms, to see a possible price-transaction relationship. The exchanges subpoenaed were Bitstamp, Coinbase, itBit, and Kraken. This type of inquiry causes trust issues in the market and can also cause people to start selling off their crypto.
Some others also affirm that a mysterious Asian whale (a single customer with a lot of cryptocurrency of one type) is preparing for a sell-off of more than 93,000 bitcoin, after consolidating them into a single account earlier this week. But these are only rumors; the account and its movements can be verified, but there is no information about the final destination of these funds.
People are looking for a reason for the sudden market volatility; but this time, it may not be so obvious at first glance.

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