State Of Bitcoin today ( the cause of downward trend and way future of bitcoin )

It is no more news that there have been an unsteady trend in the crypto world lately, most especially with bitcoin which is the most traded cryptocurrency.

Bitcoin which followed a steady upward trend in august, got to the $5000/BTC mark on September 2nd and since then have been struggling to maintain a stable position.

The bitcoin-US dollar exchange rate fell below $4,000 on Tuesday, extending losses in the overnight trade to hit a three-week low of $3,781, which amounts to about 25% drop from the record high of $5,000 hit on September 2nd.

There has been rumor that bitcoin is feeling the pinch of speculation that the Chinese government is launching a crackdown on exchanges. News has it that China is planning to ban exchange trading, this has been in the air since Friday.
Rumors and speculation that the People’s Bank of China (PBoC) is preparing to outlaw Bitcoin exchanges grew more serious yesterday, as a self-regulatory agency established by the bank issued a statement warning their members not to operate cryptocurrency exchanges or utilize their trading platforms.

China Internet Finance Association calls on: Member units should fulfill their commitment to industry self-regulatory conventions, strictly abide by national laws and regulations, do not participate in any of the so-called “virtual currency” related to the concentration of transactions or services for such transactions, take the initiative to resist any illegal Illegal financial activities.

Some others are blaming JP Morgan CEO Jamie Dimon's scathing attack on bitcoin for the meltdown in the prices of BTC.
There have been series of attack on bitcoin lately, some calls it a scam.

Below are things trending today that once received attach like this and bounced back:

1876: "This 'telephone' has too many shortcomings to be seriously considered as a means of communication." — William Orton, President of Western Union.

1946: "Television won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night." — Darryl Zanuck, 20th Century Fox.

1966: "Remote shopping, while entirely feasible, will flop.” — Time Magazine.

2007: “There’s no chance that the iPhone is going to get any significant market share.” — Steve Ballmer, Microsoft CEO.

Some investors who are scared of bitcoin pulling them out of market or those whole did not embrace the cryptocurrency early enough have gone out to criticize the currency.
one of such criticism trending is:

2017: "Bitcoin is a fraud and will blow up." — Jamie Dimon, CEO of JPMorgan Chase & Co.

Both the Chinese government and Jamie Dimon's statements have caused a downward trend in BTC/USD price. This downward movement dropped the Bitcoin price below $3,800 for the first time since the 22nd of August. This represents a 7-day decline of more than $700.

Like every other great establishment that once suffered attack, Bitcoin is sure to bounce back as some investors are taking advantages of the downward trend to accumulate some bitcoin.
Remember the future of bitcoin which is a decentralize currency lies in our hands, not the government or otherwise.

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