Bitcoin Dropped Nearly 30% This Week. But Why?

Bitcoin's price experienced a significant drop, starting with a 13% decline in three days, followed by a further 21% decrease. This week alone, the price is down almost 30%, adding to a larger downward trend. Experts debate the causes of this decline, with some attributing it to waning interest from traditional investors. The token's failure to gain widespread adoption as a payment method has also contributed to the negative sentiment. Some believe institutional investors, previously seen as supporters, are now selling, impacting the market. Theories for the selloff range from profit-taking to investors shifting towards other speculative markets. Despite a brief rally, the week was historically bad for crypto, leaving many market figures searching for answers. Some experts suggest various explanations without consensus, highlighting the market's complexity. The price slump occurs despite favorable conditions, according to some analysts. Doubts about Bitcoin's status as "digital gold" appear to be a major contributing factor in the downturn.