Bitcoin or Cryptocurrency in general are slowly been accepted and recognized by some financial institutions in some countries in the last few years. And there are well-known personalities that promotes the use of cryptocurrency around the globe.
But the questions is how come its value decreases after it has reached the highest in the last quarter of 2017. Was it being more accepted affected its value? What are your thoughts?
People who have bitcoin since long time ago has took profit at 2017. It is normal. Naturaly, market equilibrium will be reached. That's where supply and demand works and control the market. People who have a lot of bitcoin at that time weren't miss any chance to get a lot of money. But the growth of bitcoin adoption is still going on so market equilibrium will not hold for long time. The price of bitcoin will still tend to rise.
In addition to those investors that took profits in 2017 new investors also invested then having a perception and speculated that bitcoin will reached $50K within the shortest time lo and behold they are highly disappointed with turn of event its price drops there are fears FUDs thus sold massively at loss thus causing more dumping in its price