Bitcoin prices tanked by nearly 15% over trading on Wednesday, September 6, sinking from nearly $7,400 to below $6,400. The popular cryptocurrency was not the only one hit, though, as the trend was mirrored by other cryptocurrencies and tokens as well.
This is just because of Goldman Sachs’ apparent decision to delay its plans to open a cryptocurrency trading desk. This is the market analyst view of falling the #Bitcoin but there is always a hidden community to do so for their Profit only.
Now there is a Question that, IS there any hope that Bitcoin could touch its new heights, if Yes. When?
There were few reasons for the market dump in last couple of month.
Bitcoin ETF Rejections
Market observers also spoke to the SEC’s decision to shoot down numerous proposals for bitcoin ETFs. While the government agency’s ruling certainly managed to generate visibility, it did little to move the markets.Goldman Sachs’ apparent decision to delay its plans to open a cryptocurrency trading desk.
Understanding How This Really Affects Bitcoin Prices
Like the price for anything, Bitcoin’s fundamental price depends primarily on demand and supply. Demand for Bitcoin is primarily driven by two factors: the number of active users, and how much they transact. On the supply side, the number of available Bitcoins is capped, and about 80% of the capped number is already mined. As such, it is sensible to focus on the demand, both in terms of users and transaction volumes.
Hope for the futures which can improve the stability to bitcoin in the market.
Now its is true that this is the most volatile market. No one can tell you the way to go.