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 ?
I think this is because of many investor who are pulling out thier investment and transfer to some ICO which they could see some potential. If the price manipulation is true then it would be the #1 reason why the price fall down like this.
Well it is true that investors has really an important effect at the growth and fall of bitcoin, so when more people switch to bitcoin it increase the price high ad makes everyone to attract toward bitcoin for highly increasing price, but when more people pull of their bitcoin from wallet and sell at falling price of panics then it decrease the value,. So I think supply and demand of bitcoin makes bitcoin keep on moving high and low but panic selling can also make price of bitcoin immediately down.