Can anyone tell me what is happening to Bitcoin? BTC price from 4660 dropped 4k1 and still continues to decrease, investors and trade as I'm feeling very confused. Give me some advice right now, so I can calm down.
Considering its value (which is around $2500 - $3000) before August 1, that $500 price drop doesn't really hurt. The drop on btc value today is highly due to the correction on part of the traders. This means that traders are now selling their bitcoins which results to what we call MASS SELLING or closely related to PANIC SELLING.
In the law of supply and demand, if the supply of a product/service is high and the demand is low, the tendency is that the price of that product/service will fall. The reason why we are experiencing a drop in bitcoin price today is explained by that. Probably, there are no high demand of bitcoin (I mean, there's no enough buyers out there) as of now, so bitcoin price drops.