#BTC

Cobra, the owner of the site Bitcoin.org, believes that good news about Bitcoin is causing a "counterproductive effect" on the price of the cryptocurrency. This morning, Bitcoin is trading down 4.5%, being negotiated below US$$ 80.000 for the second time this year.

The drop occurs as the US adopts a fully favorable stance towards cryptocurrencies. In addition to Donald Trump creating a Bitcoin reserve, the American president also met with several industry executives last Friday (8).

Alongside this, the Office of the Comptroller of the Currency (OCC) also gave the green light for banks to work with cryptocurrencies, not needing any prior authorization.

Forced hype for Bitcoin only causes more drops, says Cobra

Even though he is not a very active figure in the market, Cobra is responsible for maintaining the site Bitcoin.org, created by Satoshi Nakamoto. Because of this, he is one of the most respected voices in the community.

After Bitcoin fell 6.4% this Sunday (9), Cobra made it a point to explain his perspective on the current drop.

"There are many people trying to influence the price of Bitcoin with hype recently. This behavior is having the opposite effect. When the price does not spike with 'good' news or only rises temporarily and then falls, people become less inclined to buy.