Bitcoin is down more than 30% since reaching its ATH. There is no clearer fact than this, but we are already wondering why the digital currency lost momentum in 2H in 2019.
Some, like JPMorgan, blame the new Intercontinental Exchange futures and closing long positions. Others point to the reason for the accumulation of negative foundations since the summer.
But there are also analysts who believe that the decline in the price of the largest digital currency is not due to fundamental and price factors, but because of the crypto ecosystem itself.
Bitcoin price movements are already much more influenced by competing digital currencies and new Blockchain technologies. That doesn't necessarily mean it's a bad thing.
Bitcoin's sensitivity to competitor development is just one sign of maturation.
Now that Bitcoin is a "big kid", anything can make it move, like gold or another fiat currency. Bitcoin is already entering the large financial space in a mature and natural way.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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