Bitcoin(BTC) has been hot news for 8 to 10 weeks now. The price per coin had run up to great new highs in that time period. Also within that time period, BTC has become a media fascination and the media has made BTC largely a household or at least mainstreamed name.
BTC though giveth and BTC taketh away. Frankly, it is doubtful a valuation formula has been found or discerned. A few things have certainly factored in. First, the more outlets that trade any Coin, the more worth your coin has. Said factor is more important for lesser and up and coming coins. Second, BTC is the “gold standard” in Crypto(note, I do not believe BTC is considered Cypto per se.) State action can dictate trade-ability and therefore, desirability again. Finally, aside from “technicals,” security. I doubt the NiceHash robbery was good for anyone.
So, BTC was running hot and the old adage that a rising tide raises all ships held true with BTC and the rest of the Crypto Coins or Currencies. Hot running though is usually also indicative of a coming fall when there are no meaningful underlying reasons. Right now, BTC is down about another $1k from when N8B8 wrote up the last article on the BTC.
The main cited issue for BTC’s price retracement down to where it is now, $11,276 at the time of writing this article are both the regulations being imposed on it and the regulations rumored to be imposed on it by S. Korea and China. Half of what those regulations will be are still uncertain.
Finally, the BTC advance seemed to stop write when Wall Street, mainstream finance, got involved in BTC. Modern Futures Trading is a terrible practice. The last oil price blow up was largely blamed on futures trading. Those who buy and sell futures have an unfair advantage and unfair influence on the market. In the case of oil futures trading, futures traders do not have to take delivery of oil nor have have to have property, plant and equipment to handle the delivery of the oil. Futures Traders can drive prices up. They can most likely stabilize them and drive them down too.
Stopping BTC stops all the other Crypto advancing too for the time being until the strong ones break out. If you still wanna be in it, I suggest you start making and comparing charts and looking at key dates.
Lastly, gamblers on big moves in junk coins or coins just above junk or any coin really, also distort the value of all coins involved.
It will be interesting to see what the New Year brings. If my recollection is correct, I recall McFeels from FTN discussing drops in the BTC Market in the winter months in the last two new years.