As many people expected takedown on bitcoin price theses days it stays steadily between $11,500 and $11,800.
One of the most important reasons is the stock market and people business collateral each other in a way that people business safe a lot of money buying the dip and investors seeing Bitcoin as an asset creating this dip. Betting on futures you indicate a lower price is higher risk and higher earnings on the betting quotes. So as we say if you make plans life happens and cross through. The market is an equal position. The same trading volume is on the other in outside bitcoin holdings by private persons spending them for their daily living. Not always in an exchange mostly in developing countries by staying in BTC.
Rume Ophi, a Partner at Vorem Nigeria says:
They are using it to buy stuff abroad, especially the people doing business in China because it is lucrative there even though the Chinese government is clamping down on transactions using cryptocurrencies. All you need to do is have a VPN, you are on the internet, you can do your transaction. Bitcoin is not censored so it is difficult for them to control. The number of people spending bitcoin now in Nigeria is increasing like wildfire. I get all sorts of questions these days like ‘How can I start?’ ‘How can I trade?’
In a way, we should not miss out that a lot of adoption for Bitcoin as a payment and not asset is ongoin in the developing countries. A good way to keep in balance what traders toke down.