Bitcoin price has dropped at over 50% in this year alone, and this happened when it dropped by 12% 10th of June,
Bitcoin Rivals, Ethereum and Ripple also went down by 10% on the 10th of June. The Bitcoin business is going down by the day and the following factors are why
The Bitcoin Heist In Recent Months
Some big bitcoin companies have recently been hacked and, they have lost a lot of their assets to hackers, most of the biggest bitcoin hacks in recent years have happened in the countries with Bithumb. South Korea’s largest crypto-currency exchange was also hacked in July 2017, 32,000 users data was compromised which allowed the hackers to log in and transfer coins.
Another exchange, Youbit in December lost 4,000 Bitcoins to hacking. These incidents have discouraged more investors to go into Bitcoin trading.
Governments are now getting interested in the Bitcoin and Crypto-currency regulations. On Friday, the Wall Street Journal reported U.S. government investigators demanded several Bitcoin exchanges hand over trading data.
The Japan Financial Services Agency and the Philippines securities have also started crafting ways to regulate Crypto-currency.
Decline In Transactions
Since December 2017, the number of transactions has been reducing drastically, the number went down from 425,000 in December to 135,000 by April 1.
Bitcoin’s Biggest Investors
Investors like Berkshire Hathaway’s Warren Buffet and JP Morgan chief executive Jamie Dimon, recently expressed their deep-seated scepticism of Bitcoin and Cryptocurrencies.
All these factors are leading to the decline in the price of Bitcoin and other Crypto-currencies, my candid advice to anybody now is to pause any investments they are planning to make, and if you have already bought some, wait and hope the price will rise again.
Drop a comment about your experience with bitcoin.