Aside the Bitfinex hack which is explicable, every time there is a drop in the price of Bitcoin – as we have seen in recent days – several unfounded factors tend to crop up to provide plausible cause.
This article was written to look at issues that affect Bitcoin price and yet defy a collective reasoning of consensus among many users. A case in focus is between Friday July 29 and August 1 when the price dipped by more than $50 from $655 to $603.
What was responsible for that?
EU regulation factor
There is a view that the current price is a reflection of the proposed regulation being considered for introduction by the EU. The idea is to collect, X`Xprocess and record personal data, and sometimes to share such data of Bitcoin and other cryptocurrencies users with relevant authorities. Anonymity has really worked for Bitcoin providing necessary freedom for users. This view supports the fact that the fear of the regulation being passed had a grip on the market.
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Bitcoin becomes more rare over time and the US dollar is becoming less valuable, I see Bitcoin rising in value in the long term.
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