The recent speculation run up was that futures contracts will enable all sorts of new buying, so the price has been run up. However, almost no futures contracts ever take delivery of the underlying. It will just allow entities to bet against each other, and cash settling their contacts indep. of any actual bitcoin buying/selling. They are just betting on future price against each other. So, there is no magical new buying from futures contracts. This is why it tanked.
Of course the offering really pushed the price to almost $20K. Its really crazy and unbelievable seeing a lot of people buying at the top price and its very illogical, well from what I have seen. But correct me if I'm wrong, bitcoin future contracts doesn't involved bitcoin but as FIAT and when it started, people realized that try to get out and whales cash it out before everyone sees what transcribe.
It's good thing though, as most of us have cash out and took profits. And the price is still strong, more than $10K starting from $700 at the beginning of the year.
But I speculate that we can still push to $20K but not this year though, Everyone thought that we can do it, however the crash dampen our hopes to surpass it at the end of the year.
