So it is the Holiday season and it was Xmas. How many people dived into their Bitcoin hoard to buy Xmas gifts and also paid for a nice holiday with their family?
We saw a huge increase in the price, early in the season and this might have triggered a situation where people rewarded themselves with some "Gifts" for the holiday season.
The direct impact of that would have been a higher influx of coins onto the exchanges and if that was not met with a higher demand for coins, then it would explain the drop in the price.
Did you splash out with some expensive gifts and extravagant holidays with your bitcoins, during the holiday season?
I highly doubt that this was the case. So many people would have to pull out for this to be the case. It's possible that it's the reason that the entire downfall started, but I don't think it's a major reason. If anything, it's mostly people who are nervous after they see BTC drop by a couple of hundred. Regardless, we're on the come up again, as we always have been after drops like these, and I don't think we'll be affected too much by this drop in the future.
Me too, personally i don't withdraw my bitcoin this holiday season, because based on the chart of the bitcoin the price is going up so i have thought that i should hold it more because it can get much higher but suddenly it went down. So, i think the one major factor that causes the bitcoin to drop is the people who withdraw this holiday. Because bitcoin's price is supply and demand basis.