There was a sudden drop in the world's largest cryptocurrency Bitcoin, and BTC lost the level of $ 27,000.
After the decrease in minutes, the BTC price lost approximately 2.40% of its value and is trading at around $ 26,500 at the time of this writing.
However, there is an interesting notion regarding the reason for the decline.
Bitcoin Price Historically Shows a Downtrend During Conference Times
Some analysts think that the BTC price drop is related to the ongoing Bitcoin Conference right now. When examined historically, it is observed that there is usually a decrease in this annual Bitcoin Conference event.
This year's Bitcoin Conference started today and will run until May 20. The conference will be held in Miami.
The Bitcoin conference, which started in 2013, is the largest event dedicated to this cryptocurrency and its underlying technology, the blockchain. The conference includes speakers, panels, workshops, networking opportunities and exhibitions.
According to historical data from Yahoo Finance, the price of Bitcoin showed a downward trend on or around the dates of previous conferences. For example:
- In 2020, the eighth Bitcoin conference was held online from September 1 to September 2 due to the COVID-19 pandemic outbreak. Bitcoin's price dropped from $11,910.05 on August 31 to $11,364.60 on September 2.
- In 2021, the ninth Bitcoin conference was held from June 4 to June 5 in Miami Beach Florida. Bitcoin's price dropped from $39,035 on June 3 to $35,828 on June 5.
*Not investment advice.