Bitcoin Reaching Lowest Price Level Since May

The summer is almost over all over the world and that means that people are getting back to work and that the industries are starting to get back into tempo. For the Bitcoin however, it seems that it is on an extended summer vacation, as the price continues to drop lower and lower – reaching the lowest level since May.

At the time of this article, the price of a Bitcoin is around $515, but earlier today the Bitcoin reached a level of $496.27 according to CoinDesk’s Bitcoin Price Index. This marks a big downswing in the price of the Bitcoin, since its rise from $430 in May. The price is the lowest since the 21st of May and shows that the industry is still very easy to affect when something good isn’t happening.

While it is uncertain exactly why the Bitcoin has fallen in value this time, it may be due to the US looking to regulate the Bitcoin and people are taking a careful approach towards the coin until it has been settled. Other reasons, as suggested by CoinDesk, could be the fact that Bitstamp has had to change banks, which will influence the amount of orders for the Bitcoin.

While the dollar market for the Bitcoin has taken a hit, the same has the Euro and Chinese Yen markets, following the price levels of the dollar market for Bitcoins.

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