Comment It's stablecoins, stupid (Score 1) 43
Bitcoin only got to rise in price because it was the first and for some time the only digital wallet. People, particularly tax evaders and money launderers, liked the idea of moving millions in a USB stick.or a mail. That created demand, demand bid the price up, and prices up brought the momentum-seeker speculators. Virtuous circle for you.
That era is gone. There are many digital options now. Particularly you have stablecoins where you don't need to worry (so much) about them losing value. So only the speculation effect remain. Once the momentum is downward, speculators flee, and there is no longer any reason at all to buy Bitcoin.
That's the cause. You are welcome.