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?
Bitcoin's value has declined since 2017 because it was a classic bubble scenario based on hype. Retail investors allowed greed and emotions to dictate their investments, which pushed bitcoin to unsupportable levels. Even though the fundamentals have improved, we are still recovering from the damaged psychology of the market collapse.