A researcher at ForexMinute came up with the top three reasons why Bitcoin which reached at the peak in exchange value in April this year started falling apart later on.
(PRWEB) August 08, 2013
A researcher at ForexMinute came up with the top three reasons why Bitcoin which reached at the peak in exchange value in April this year started falling apart later on. According to the research report published at the online portal ForexMinute, a leading source for Bitcoin news, Forex news, Forex brokers’ reviews, etc., the major issue has been Mt. Gox’s flip-flops in the recent couple of months.
The researcher at ForexMinute claims that Mt. Gox has a monopoly on Bitcoin exchange and when it was being hounded by the government agencies, the prices started withering away. At the same time Mt. Gox decided to withhold US dollar withdrawal in the last month; it did more damage than anything else as stakeholders started suspecting that Bitcoin was falling from the grace.
The second reason according to the researcher at ForexMinute is negativity fed by the media organizations. When the government onslaught was being unleashed on Bitcoin, the media started questioning the entire concept of virtual currency. Stakeholders panicked and started selling Bitcoin to save their investment; this also caused lowering down of the value.
The third reason, according to the researcher at ForexMinute is that government interference was untimely and unwarranted. Some other possible reasons according to the source that contributed in gradual but definite decline in the value of Bitcoin is that it was being used by sharks earlier that after gaining profits started selling them at lower prices.
The researcher however, now claims that the prices are surging; he sees a great potential in Bitcoin.
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