Hello guys, In 2017, Bitcoins price soared from 1,000 usd to just under 20,000 usd before dropping down to around 13,000 usd at the end of the year. Since then, its value has risen and dropped sporadically from day to day. now its around 8,300 usd. So what may cause this drastic change of bitcoin value ?
Here are just a few of the many factors behind Bitcoin's volatility:
Lack of regulations Even though governments are doing their best to regulate this space, its still in its early days Limited regulations can easily allow anyone with a lot of holdings to manipulate the market.
The legal status of BTC is widely variable and unclear, making it unsuitable for more traditional investment purposes