I'm sure you will come across many answers and there are in fact many different explanations, but at the end of the day, the real answer is "Nobody knows". Whi

I'm sure you will come across many answers and there are in fact many different explanations, but at the end of the day, the real answer is "Nobody knows". While each transaction is 100% visible, nobody knows the motivation behind each money flow since you can't identify the owner of the transactions easily. I would like to think it's because "the majority of the people trading Bitcoin nowadays are idiots who see it as an equivalent to stock market or gambling", but I (nor anyone else) have any evidence to back this up. You could also think that "it's actually because Bitcoin is failing to scale and people are becoming skeptical", but again there is no evidence that the majority of the money moving around is caused by well educated people who truly realize how unscalable the Bitcoin blockchain is. You could also think that the price is going down because the whole premise of "Bitcoin being scarce resource" is not true anymore due to all the altcoins rising. But again, there is no evidence. You could also think that it's caused by wall street bankers who are trying to short it. But again, there is no evidence. Without any evidence, it's foolish to base your financial decisions based on these hypotheses so the best answer should be "Nobody knows". I've learned that thinking this way is the best when dealing with cryptocurrency.