There are many possibilities why you see extreme changes in the price of Bitcoin. Also, there are many rumors too. The important thing to know is that the coin despite being here for years, it’s still developing and things like these are expected to happen. Here we will name some of those factors that trigger fluctuations in the price.
Hacking is one of the factors that probably led to a great decrease in the price of bitcoin in the past. If you remember the Mt. Gox was an international exchange platform based in Tokyo. At one point Mt. Gox was handling over 70% of all bitcoin transactions worldwide. The company was hacked in 2014 and closed down its door with more than 850.000 bitcoins getting stolen. Security breaches like this one always have a massive influence on the price.
On the contrary of the first subheading, when countries in the world announce that they will accept bitcoin as legal, its price skyrockets. As long as many countries adopt Bitcoin, the price will rise.
Bitcoin was known to be the best coin for illegal activities. Some users acquired bitcoins in order to create Ponzi schemes, buy weapons and gain access to computer systems illegally obtaining data.
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When governments get their hands on these activities, the price almost always falls.
Since the popularity of Bitcoin is on the rise each day, more people are willing to invest. Despite people, many companies start to understand the benefits of this technology and are now pouring money into bitcoin as never before. Adoption is one of the factors that always influences the price to rise. The problem, however, is that some people expect to make millions in a very short time using bitcoins.
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When they see that’s not the case, they start massively selling and this can potentially crush the market.
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