What are the factors that affect the bitcoins value ? Just curious guys. Wanted to learn more.
There are many factors that affects the price of Bitcoin. The major factor is the supply and demand. The supply and demand is the one that dictates the price of Bitcoin. It is the demand of Bitcoin with respect to the available supply in the market. That is the basic. Though we have the internal and external factors that may also trigger the price changes. Internal factor may be the issues within Bitcoin itself, the tx confirmation processing time, the high fees, etc. This might affect how people see bitcoin and will result to lower demand. External factors are the happening outside the concern of Bitcoin such as a country officially legalize Bitcoin that would result to the increase in Bitcoin's price or some person spreading false information about Bitcoin that may trigger panic selling thus making the supply higher and decrease in Bitcoin's price.
I would also add the fact that when large whales affect the price of throwing their Bitcoin on the market to lower the price. And there are also panic moods that rise artificially to achieve the same goal.
