Bitcoin: Why is the largest cryptocurrency crashing?
— Largest, Crashing, Cryptocurrency, Knockon, Bitcoin, Effect, Pegged, Worth, Selling, Sell — 1 min read
The more people sell, the less Bitcoin is worth, because that's how it works - its value is pegged to its desirability. This has a knock-on effect of more people selling because they can see the value going down. And the cycle continues - the more people who sell Bitcoin see it going down, the more they sell it. Bitcoin is valued at around $1,000 a day, and the value of Bitcoin is pegged on its deserability. Bitcoin's value is based on a number of people wanting to buy it, and it's worth around £1,500 a day more than it would be worth if it were found to be worth more than $2,000 more than the value it was originally intended. Source