The last ten days have been filled with multiple negative news events that continue to drive down the value of BTC in the short term. Much of this negative sentiment is caused unnecessarily by the light in which articles are written.
Other events are indeed negative, dramatically shifting the total numbers of buy and sell orders on the market. This prior bearish turn in the market has been precipitated by four large events:
Regulatory Actions (SEC and U.K.)
Gox Bitcoin Dump
Alphabet (Google) Banning All Crypto Related Ads
Scam ICO – Giza
These four events all dramatically shifted the price of Bitcoin and the overall cryptocurrency markets downward in the prior ten days.
GROWING REGULATORY FRAMEWORK
Bitcoin was originally developed as a way to revolutionize payment platforms while being able to completely avoid centralized banks. This anarchist mentality is what drove initial cryptocurrency adoption but with major institutions looking to get involved there needs to be a better regulatory framework in place.