Bitcoin’s Price Looks Set for a Drop to $10K

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Bitcoin (BTC) is looking south, having retraced more than 50 percent of the $3,000 rally seen in the 10 days to Aug. 6.The top cryptocurrency by market cap is currently trading at $10,500 on Bitstamp, representing a 6 percent loss on the day.At the current price, roughly 53 percent of the rally from the July 28 low of $9,111 to the Aug. 6 high of $12,325 stands erased.BTC’s recent rally coincided with the devaluation of China’s yuan (CNY). Notably, the People’s Bank of China allowed the yuan to fall beyond 7 per U.S. dollar on Aug. 5.On the same day, BTC rallied 7 percent and rose to a one-month high of $12,325 on the following day, triggering speculation that BTC is acting as a safe haven asset in China.That narrative may become entrenched in the market as bitcoin’s drop seen in the last 48 hours is accompanied by a recovery…

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