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The price of bitcoin continues to plummet from $8,644 USD just a few days ago to a low of $7,300 USD by Sunday.
Yahoo Finance provided some possible rationale for the decline:
There are several reasons for which bitcoin markets and cryptocurrency market as a whole is experiencing such extreme bearish trends. Analysts have pointed out that it may have to do with the Chinese ICO markets being highly active and resulting in strict regulatory actions. The Chinese government has officially announced that it deems shady ICOs as great risks and that the government watchdog is keeping a close eye on excessive speculation, fraudulent profit schemes, and fake propaganda.
The most recent negative sentiments around bitcoin price arise from Bitfinex newly implemented taxation policy. On 17th May.
Bitcoin is going nowhere but up in the world of online gambling, however, as many operators now report as much as half their transactions done using cryptocurrencies.
- Aaron Goldstein, Gambling911.com
