Warren Buffett and Bill Gates, both billionaires' view of cryptocurrencies has an impact on retail investors. This might be the main reason behind it.
However, some market analysts have noticed that bitcoin price is correlated to the stock market. Analysts are starting to use
Dow Jones as a predictor of how bitcoin price will move.
What's dragging the bitcoin price down?How do you think?
Of course not, so far no direct correlation has been found between bitcoin and any other market, because unlike conventional markets that seem to obey with certain degree of certainty to certain economic cycles, bitcoin follows its own dynamics , much more influenced by the rumors and the psychological aspect of the markets.
In addition, the behavior that bitcoin has had in recent weeks seems quite stable, so I can't distinguish any type of overreaction in the market to recent rumors. Perhaps the market has already become accustomed to the constant attacks against bitcoin, and they have made it much more resilient.