The price of Bitcoin, which has been falling since the beginning of this year, fell below $ 7,000 today. Less than four months ago, the price of this digital asset was close to $ 20,000.
According to studies, this price drop is due to new news of digital currency regulation in Asia and Europe.
In Japan, where exchange controls have risen sharply, two major digital currency exchanges were closed by the government this week.
Stephen Ince, head of Asia-Pacific Business at Oanda Broker, said:
Legislative news from Japan has a very negative effect.
Japan was one of the first countries to adopt digital currency trading last year, helping the market grow. This East Asian country has one of the most dynamic global bitcoin markets.
The Japanese government initially took a very positive approach to digital currencies, but after the $ 500 million hacking of the Coin Czech exchange and reports of money laundering in the area, oversight of exchange offices in the country increased sharply.
It is also said that the moves of European governments to restrict digital currencies are not ineffective in the recent decline in prices.
Everyone is looking forward to the good days of 2018
Since December 2017, Bitcoin, which was on the throne, has been slowly declining due to rising fees and severe network slowness.
In the new year, the price continued to fall to $ 6,400 bitcoin. Bitcoin went up to $ 11,000 again, but with the negative news and distrust in the market, the price growth did not last, and it was from here that the scales weighed in favor of negative news.
The slightest legal news from Japan, South Korea, China, Europe and even the United States affected bitcoin. Internet giants have also hit bitcoin again. First, Facebook banned digital currency ads, and then the ban on Google and Twitter was cold water on the lifeless body of digital currencies.
These days, distrust in the digital currency market is extremely high. As the price of Bitcoin approached $ 20,000, the slowness of the network and rising fees and unapproved transactions left many investors in doubt as to whether the market’s current digital currencies would work in the future. After that, the news and events mentioned above added to the severity of this distrust.
On the other hand, many enthusiasts of decentralized technologies are very optimistic about the future and believe that good days will come soon.
Despite bad market conditions, the CEO of the multinational company Abra said in an interview yesterday that the price of bitcoin will rise again.
Many users on social media have hailed the price cut as a good thing because they believe it shows that profiteering investors have left the market and seen strong support for real and forward-looking investors. It becomes.
What do you think about the recent fall in the price of Bitcoin and other digital currencies? Will the previous records be broken in 2018 or will the dark days continue?