Market analysts have come up with different factors to be behind this significant decline in Bitcoin and altcoin price. Ironically, this comes immediately after the G20 summit in Hamburg where reference was made to digital currency as an important technology in the global economic transition.
Also of note is that the community is nearing an important date of August 1 when Bitcoin is expected to make its most crucial decision since creation. Certain groups have also attributed this decline in price to technical factors lifted from the study of price charts, making predictions based on historical market behavior.
Whatever the reason, the fact remains that the crypto market keeps getting more traction as the days go by. The numerous activities taking place within the industry since the beginning of 2017 must be considered if the prevalent market volatility is to be analyzed properly.