Data from Coin360 painted a gloomy picture for investors Wednesday, with BTC/USD trailing 7.2% daily losses.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

The latest in what has become a recognized pattern in recent months, Bitcoin reversed its previous successes from the weekend, when geopolitical uncertainty and fiat currency weakness in several jurisdictions pushed markets above $12,000.

In particular, it was Hong Kong and Argentina fuelling the theory, which Bitcoin critics such as gold bug Peter Schiff took the opportunity to debunk as markets fell.

“Now that trade tension with China has eased, the pressure on the yuan is off. Those who bought Bitcoin to speculate on Chinese safe haven buying, which never happened, are taking their chips off the table,” he tweeted Tuesday.

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