Like every fiat currency today, bitcoin has assumed the position of a currency though typified as a crypto-currency. But in reality, it is obvious that the value of any country's currency depends to a large extent on her economic dynamics and activities (demand, supply, external reserve, level of production, etc.) . By that i mean, the strength of an economy determines the strength or purchasing power of her currency against those of others. On this basis what can we allude to be the cause of the recent decline in value of bitcoin? This is because, the United States, China, Europe etc experienced mild growth in the 2018 fiscal year as such one would have expected an improvement in the value of bitcoin just as the value of those other countries have either stabilized or improved.
I am sure that the price or value of Bitcoin is not dependent on the economic dynamics and developments affecting the global economy. This is just purely demand and supply thing and the main evidence of this was the bull run that happened last year which was fueled by blind speculations. Oh, how I wish to get back to that time last year and cashed out my little Bitcoin hoard...this would have make my December more smiling financially. This is also the reason why I see no big reason for any bull run in the coming next months and even if ETF can be approved it can still be short-lived. The bull run can only happen if there will be massive use of Bitcoin by more and more people but this scenario is not coming in the short-term.