Bitcoin Continues to Fall to $7,600 Despite Technological Improvements
Things are evolving in an interesting direction where Bitcoin is concerned. Even though the price is declining rapidly, there are positive changes on the horizon.It is always important to put things into the right perspective.
An Intriguing Year for Bitcoin
It has been a †wild rollercoaster ride for Bitcoin, to say the very least. It is not the first time we see a total cryptocurrency market near or just below $300bn. Albeit the current trend isnít exactly positive, there is no real reason for despair either. A lot of positive changes have occurred in the past twelve months, albeit most have gone by unnoticed.
More specifically, a year ago, we also had a market cap of $300bn, give or take. At that time, Bitcoin was in far worse shape than it is right now. With no scaling in sight, hardly any working projects, and no regulatory attempts, the future looked very uncertain. In fact, some people were quite certain the Bitcoin price wouldnít evolve in a positive direction from that point onward.
The reality often works in different and mysterious ways. Bitcoinís all-time high value is just over $19,000.We now also have a scaling solution in place, with more improvements on the way. We also have some positive regulatory measures in place as we speak. Bitcoin is legal and Japan, South Korea is fine with self-regulation by exchanges, and Europe will maintain a hands-off approach. All of these developments are positive, yet the price trend remains bearish.
Speculators Donít Care About Technology
It is evident the people influencing the Bitcoin value donít care about these developments. Cryptocurrencies have always been subject to price manipulation first and foremost. That trend will not slow down anytime soon either. Despite the overall market cap growth, this is still a pretty small industry. Even the Bitcoin futures will not necessarily impact this manipulative aspect in a positive manner either.
In fact, any positive technical developments may result in more bearish pressures. Any positive news gets the average person excited, which will trigger sell-off by Bitcoin ďwhalesĒ accordingly. This doesnít mean we will not see a new all-time high BTC price later this year, though. Anything and everything remains possible in the world of cryptocurrency.
With proper Bitcoin scaling and regulatory measures on the horizon, interesting things are bound to happen. Speculators can only keep the value down for so long until the floodgates open properly. More and more people are demanding exposure to this new form of money. With a limited supply of BTC to go around, the future still looks bright. Even though speculators only want quite profits, the long-term perspective still looks pretty solid, all things considered.