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?
I think this is about a very big sell-off after reaching the highest price. This happened because many of the BTC holders wanted to sell their BTC. The selling pressure that created this resulted in bitcoin experiencing price corrections and finally, prices dropped dramatically. And this is reinforced by the feeling of disbelief in BTC or frustration that forces to sell. This in my opinion, has nothing to do with the growing acceptance of bitcoin. In my view, if BTC is received or adopted massively, prices will tend to be stable and not volatile.