The fall in the price of Bitcoin may be the work of one trader

The price of Bitcoin, the world's most famous cryptocurrency, fell this Friday, marking its sixth day of price decline. This comes less than three weeks after Bitcoin closed six profitable sessions in a row.

Bitcoin was trading at $7,500 on the Kraken exchange for most of Thursday, but by the end of the day its price fell 3% to $7,330.55. 

However, this price decline may be the work of one trader. Hong Kong Exchange OKEx said in a statement on Friday that it had liquidated an unusually large amount (4,168,515 contracts) accumulated in the exchange's account.

“A huge number of BTC0928 futures contracts were forcibly liquidated on July 31, 2018 at 20:17:14 Hong Kong time.” 

Representatives of the exchanger contacted the unnamed client, however, when they were unable to obtain an explanation, they took action.

“The client refused to contact us, we decided to freeze his account to prevent further increase in the number of positions on it. Shortly after this, the price of BTC fell and the account was liquidated,” OKEx said in a statement.

( Editor's note: We We find it difficult to confirm or deny the possibility of such a causal relationship.)

According to CoinMarketCap, OKEx is the second largest exchanger by trading volume, with just under $1 billion exchanged in the last 24 hours. 

According to Bloomberg, representatives of the Swiss bank UBS said that Bitcoin is not suitable for the role of a means of payment of the future. “Our research indicates that Bitcoin (in its current form) is too volatile and limited to become a viable medium of exchange or mainstream asset class.”

Bitcoin would need to reach a price of $213,000 to displace the entire US money supply, according to UBS analysts.

Bitcoin futures also fell in price. XBTQ8 contracts on Cboe Global Markets Inc. fell 2.4% to $7,345, and CME Group's BTCQ8 contracts fell 2.8% to $7,330.