For over 45 days now the price of bitcoin has been dropping drastically. A lot of news has been coming up behind the fall of this major cryptocurrency and other alternate coin. Bitcoin which was initially around $18,000 USD has finally fallen to $6,800 as at the 5th of February 2018.
A lot of investors are panicking right now and also most of them has ended up selling theirs. The amount of sell order in the market is way higher than buy order. Analysis has shown that bitcoin has fallen below the initial resistance.
Currently a lot of financial advisers has suggested that people that people should hold on when it comes to jumping into bitcoin until the market stabilises.
Currently, India is currently seeing cryptocurrency investment as a ponzi and illegal, so they declared it as not an accepted legal tender. India is currently trying find ways to regulate bitcoin and other alternate coin. They believe it currently been use for illegal activities and needs to be regulated as soon as possible.
The South Korean ban also affected the currently rate of cryptocurrency and was the major cause of the fall. But honestly, after the huge rise in bitcoin, i believe it currently undergoing correction and would be stable soon.
Currently the fall in bitcoin has affected other cryptocurrency since all other alternate coin are been traded through it.
I advise people should relax and no cause of panic.