more and more merchants suddenly accepting bitcoin and not enough people buying more btc. The merchants are also converting the btc back to fiat and that also drives the price down.. good time to buy.
i'm was thinking the same... the are selling too fast at low price
Clarification
1 IF merchants are receiving bitcoin then they will convert to FIAT immediately. The price of their product in bitcoin is likely to be linked to FIAT so all they are doing is recovering their cost in bitcoin and immediately converting.
So, keeping this simple they are not selling too fast at a low price at all.
2 The next point is that if merchants are receiving bitcoin then that begs the question Why would bitcoin owners use bitcoin when they KNOW the price is low and its better to purchase using FIAT
3 This now explains why the price is going down.. on the most part its probably speculators dumping and some miners being forcded to recoup costs.
So maybe there is a lot of cash sitting on sidelines just waiting till they see the bottom stabilise out and then pounce!
Either that or everyone has suddenly lost faith in bitcoin now the Bank of England, Bill Gates, Paypal, Richard Branson and a host of others have stated its here to stay!
So Chillax, ignore day to day and wait for the rise...