Almost 80% of investors are asking the same question, “Why is the bitcoin price going down?” Many Middle Eastern banks and financial institutions are banning dealing in cryptocurrencies. But still there are platforms that allows you to buy bitcoin in UAE.
The U.S. government is taking active action to combat tax evasion, so new short-term investors are likely contributing to the decline.
China is cracking down on cryptos, and its regulators are making it more difficult to do business in the country. While a large number of investors were hoping to see a $1 trillion market cap by now, the bitcoin price went down after the announcement. Although some people still consider cryptocurrencies to be a legitimate way to invest in the economy, the Chinese government’s new crackdown has caused an enormous sell-off.
Why is the bitcoin price going down? Despite recent efforts to promote the use of cryptocurrencies, the market remains largely uncharted territory. The crypto market is undergoing a limbo phase. Its price could fall by up to 50% if the Federal Reserve issues a report on them. However, the current situation does not indicate that the crypto market is entering a bearish phase. While this is a common scenario, it is not unheard of.
Why is the bitcoin price going down? In a previous article, I mentioned that there was a massive crackdown on cryptocurrency in China, and that the government is taking action to control its prices. But in this article, I’ll discuss a more specific issue related to this matter. There are a number of reasons why the bitcoin price is falling, and I’ll explain some of them in a bit.
As of Monday, the bitcoin price had dropped to $58,702 compared to its previous high of $700. While this price dropped, several other leading cryptocurrencies also experienced a downward trend. These cryptocurrencies have become increasingly popular, but the price has remained low. They are not backed by any nation, which means the price is not backed by any currency. As such, if the bitcoin market isn’t holding up in the United States, the market may be suffering.
The bitcoin price has fallen dramatically in the past few days, with most of the cryptocurrencies losing half or more of their value. The Bitcoin price is dropping because of the volatility in the market. While this volatility is a good sign, the cryptocurrency market value isn’t backed by any government. This means that Bitcoin isn’t supported by the government. It’s not supported by the government, which is the most important reason for the cryptocurrency volatility. But still we can manage to buy cryptocurrency in UAE and avail you investment options forsure.