Bitcoin drops more than 2.5% on its way to give up $9,000 mark

Bitcoin fell by 2.8% in spot trading on Wednesday, as profit-taking continued after the recent strong jump to a 5-week high, which pushed Bitcoin further on its path to give up the $9,000 mark again.

At Bitstamp exchange, Bitcoin fell by 2.8% or $266 to $9,160, after it opened at $9,426, with a session-high of $9,437.  

Bitcoin rose by 2.3% yesterday, its fourth daily gain in 5 days, oto maintain the $9,000 barrier.

The total market capitalization of cryptocurrencies fell by $5 billion today, to a total of $247 billion, as Bitcoin and most other major cryptos fell.

Bitcoin prices jumped last Friday and Saturday by about 40%, and posted a 5-week high $10,350, as position covering accelerated alongside the establishing new ones, after positive remarks from the Chinese leader about the crypto industry.

After these jump, investors are now focusing on profit taking, which could push Bitcoin below the $9,000 mark again.

Peter Schiff, CEO of Schiff Gold, said that Bitcoin’s recent sharp rally likely had nothing to do with China or any major factor, but it is clearly a market manipulation by the crypto whales.

Schiff, emphasized that retail investors are under pressure from the crypto whales methods, as whales look to sucker in momentum buyers  by pumping up a weak market in order to get them buy at higher prices.