“The issue with Bitcoin is the price is driven 100 percent by market psychology It is still a new technology and in the early days of adoption, so there isn’t a lot aside from public confidence to underpin its value.”Although, Colas does believe that the drama around the US Securities and Exchange Commission is causing some problems within the markets that in turn have amplified things a little:
“Colas said Bitcoin’s recent decline is due to speculation over whether the Securities & Exchange Commission would allow a Bitcoin exchange-traded fund, which would allow investors to track the price of Bitcoin without having to own the cryptocurrency. Such a tool could make Bitcoin investment available to the masses.”Colas Said:
“The rhythm of this security is, rumors circulate, there are new financial tools coming to trade it, and then there isn’t, then it goes down. Last year, the futures exchange in Chicago made Bitcoin contracts and when no one wanted to trade, air came out of the bubble.”See more for yourself, here. All things considered, there is change on the horizon. The SEC decisions will have an impact but even if they don’t go favourably, the markets will recover. Cryptocurrency investment is about time, there are few short wins here, and to be honest, most of the time is dipped in disappointment. Eventually though, rewards will be reaped, we just don’t know when these will crop up. Just know that eventually, they will.