Here is the explanation, After a period of relative stability between USD 8000 and USD 9000. The value of butcoin fell to below USD 6800 today.
The stable price of this virtual money has shifted since mid-December when it hit a record high of more than 19,850 dollars. The value of bitcoin dropped shortly before Christmas by almost being at 2 thousand dollars in just one hour at a point. Also, almost slipped under 11 thousand US dollars.
Then its value goes back up, before falling again in mid-January and early February. In March the decline in bitcoin prices was below 10 thousand US dollars and reached a low of 6,500 US dollars, before soaring above 7 thousand US dollars.
Experts say the cause of bitcoin degenerates is the unclear prospect of regulation and a series of profile thefts have contributed to the decline in bitcoin values in the cryptocurrency exchange. Google which released the announcement will prohibit cryptocurrency ads on its pages since June is also a major blow to the sector.
Meanwhile, last year's rise, bitcoin caused an increase in interest rates in other digital currencies such as ethereum, litecoin, and more. Now more and more people are looking for ways to invest in digital currency.
However there is a serious fear of bitcoin can explode at any time. Many financial experts have advised potential investors to avoid bitcoin and the United States Securities and Exchange Commission has notified the public to be careful of fraud.
I personally don't need an expert to know the reason why price is falling as every of the suggestions especially the bolded are just speculations and comments about what is already known to someone who have spent average number of days in crypto currency and sensitive to recent happenings. The simple answer to all of those is that the confidence level has dropped drastically. The moment the majority loses interest in a particular thing, the effect is what we see that is happening.
The social media is a great tool at which the penetration of crypto currency is being propagated but when it the ban came, we all thought bitcoin had grown so huge to not be affected by such alas, we have all been proven wrong times without number. Another part is ICOs, we like to analyse and conclude that all ICOs are scam without propagating the importance that some are actually worthwhile investment that could bring about enormous return within a short period of time. Another is the issue of hacking of exchange sites that are going unabated every time and no one is being held responsible.