What's Behind Bitcoin's Drop? CZ Points to 6 Possible Reasons

Bitcoin fell to $62,006 on Binance on Sunday, its lowest price in about three months. The world’s largest cryptocurrency has lost about 15% in 11 days. Over the same stretch, American investors pulled $1.91 billion out of US-listed Bitcoin funds. Binance co-founder Changpeng “CZ” Zhao listed six possible reasons on Sunday, but opened with a warning. “Why are crypto prices down? No one knows for sure. Correlation does not prove causation,” he warned . How Far Has Bitcoin Fallen? Bitcoin traded near $87,000 in late September. It was still around $81,000 on November 4. It slid below $70,000 on Friday and touched $62,006 on Sunday before bouncing to about $64,500. Traders who borrowed money to bet on higher prices were hit hardest.

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