The bitcoin price has dropped again below $ 8,000. The bear market is fueled by reports on New York Attorney General's probe into the work of the largest crypto-exchanges and by massive bitcoin sale wirth $100 million by the "whales".

17 April in the United States was the last day when taxpayers could file their tax returns declarations. The expectations of many cryptotraders that after this date bitcoin will resume its growth were not justified. On 17 April at 21.49 GMT bitcoin fell in price within 20 minutes by $200 and went down the long-awaited mark of $8,000. By the morning of 18 April, bitcoin continues trading below $8,000. As of 6.40 GMT, the weighted average bitcoin rate is about $7,941. The bitcoin capitalization fell below $135 billion.

The reasons for the sudden decrease in the bitcoin rate is still difficult to determine. Some suggestions suppose that the negative background was fueled by the news that New York State Attorney General Eric Schneiderman launched his Virtual Markets Integrity Initiative and sent letters to 13 world's largest crypto exchanges asking them to disclose information about their operational activities. The list of exchanges that will receive letters include Coinbase's GDAX, Gemini, bitFlyer USA, Bitfinex, Bitstamp USA, Kraken, Bittrex, Poloniex, Binance, Tidex, Gate.io, itBit, and Huobi.Pro.

This inquiry is focused on policies and practicies used by those trading platforms. Schneiderman's Office sent letter to 13 crypto exchanges, requesting to disclose their operations, use of bots, conflicts of interest, outages and other key issues, the official statement reads. The aim of attorney's probe is protection of virtual currency investors.

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” said Attorney General Schneiderman. “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

Another version trying to explain the sudden frop of bitcoin, though the tax period in the US was over, is that, on 17 April, the two largest bitcoin wallets withdrew and allegedly sold a large amount of coins. The unknown trader with the bitcoin address, which stores bitcoins worth $1.49 billion, sold 6,500 coins on 17 April. The balance of another anonymous wallet with crypto assets worth $864 million decreased by 6,600 BTC. In total, both whales sold $100 million in bitcoins.