It is summer, the weather is nice and most people are away on holidays trying to relax and enjoy their life before they have to go back to the usual stressful days at their job. But for some people the past months has been nothing but hard work, in order to try and stabilize the Bitcoin value and expand it to new markets and demographics.
But despite the hard efforts from all of the Bitcoin industry leaders in the past months, it seems that the Bitcoin cannot catch a break and increase in value. Instead it continues to slowly, but steady, decline in value and has now reached a level that is below $600.
It is weird that the Bitcoin can continue to decline in value with news of Dell accepting the Bitcoin, DISH doing the same and many more in recent time as well as many more to come. Combine this with new ultra secure storage solutions for the coins and instant exchange from Bitcoin to fiat money offered from Bitcoin payments solutions companies, it is odd that the value cannot go up.
As with any currency there will be some sort of market manipulation from the traders trying to score big. And while the Bitcoin had these huge swings automatically a year ago, it is no longer that common and thus it needs to be manipulated to do bigger movements.
The problem in this is that we now have a currency which will mainly be controlled by traders and insiders, in an industry where we are all trying to get the mainstream public to buy it. If a currency drops in value every time there is good news, then there's a problem somewhere.
Let's hope that the influence of traders and insiders will be minimal in the near future and we can begin to have the normal price fluctuations based on the market, rather than based on a selected few trading massive amounts of Bitcoins.