The price of bitcoin continues its projected decrease from $8,644 USD to $7,300 USD by Sunday. There are several reasons behind the decrease in bitcoins and cryptocurrencies in the market. Most of the analysts believe that the Chinese ICO markets are very active and it has led to strict regulatory actions. The Chinese government recently revealed that shady ICO’s are great risks and the government’s watchdog is watching out for an excessive speculation, duplicitous profit schemes and fake propaganda.
On 17th May, negative sentiments around bitcoin prices rose from Bitfinex, the newly implemented taxation policy. The use of Bitcoin continues to grow especially in the world of gambling, however, most of their transactions are done using cryptocurrencies.
Blockchain venture capitalist Spencer Bogart says:
“The use of Bitcoin has increased and it is proof that the coin is becoming more entrenched. Examples include Coins like Cardano, TRON, IOTA and NEO. Every major bank is striving to do something in the space to acquire “Fast Money.” The banks are contemplating to either offer bitcoin to their clients, to work on a custody platform or to open a trading desk. It is a positive move to institutionalize the bitcoin currency.”