Bitcoin All Time High Price: 3 Biggest Obstacles Holding BTC’s Value Down
Why Bitcoin is Stuck in $6K Range
The past few months have not been favorable to bitcoin’s value. The currency has been stuck in the $6K range, and while there may be various underlying causes, three of them are particularly significant. The three issues that seem to be keeping bitcoin’s value down are: Security, Regulations, and Accessibility.
3 Factors Holding The Price Below $7,000
These three issues have been compromising the currency since its introduction to the market and shedding them may be necessary for bitcoin’s value to soar.
To begin, security has been a constant issue for bitcoin. There have been various instances of hacking, such as Coinrail and Bithumb. Every time a hack takes place, bitcoin’s value seems to decrease in response. Further, it does not help that there has yet to be resolution concerning the vulnerability of exchanges and wallets.
Regulations are also a problem. There are dozens of governmental agencies worldwide that have regulated cryptocurrencies in some manner. The regulations and the uncertainty related to regulation have caused bitcoin’s price to remain volatile. There is a chance though, that once governmental stances become clearer, bitcoin’s price may adjust and remain stable in response.
Finally, accessibility is another impediment to bitcoin’s price stability. Although part of the bitcoin community is actively engaged, there is still an absence of accessibility for many. Until the currency becomes widely adopted, the currency will remain in perpetual volatility.