Here Are Some Key Reasons Why Bitcoin’s Price Is Taking A Tumble

A fresh record high for bitcoin is going to have to wait, if it comes at all.Bitcoin prices on Friday were being pummeled, pushing the cryptocurrency into correction territory, commonly defined as a decline in an asset from a recent peak of at least 10%.At last check, Bitcoins changed hands, down 2.4%, at $16,714, representing a more than 14% decline from its 52-week peak at $19,495, put in less than 24-hours before its Thanksgiving tumble.Bitcoin correctionBitcoin prices fell more than 10% from a recent peakBitcoin has been a traditionally volatile asset since its inception, but if those observing the closely followed cryptocurrency are looking for reasons for its recent drop, market participants were pointing to at least three key factors:Coinbase CEO Brian Armstrong implied tougher regulation ahead in a Wednesday tweetOverbought and primed for a dropBitcoin is volatilityArmstrong rumorsA series of messages from Coinbase’s CEO Armstrong via Twitter is being credited with some of the decline for bitcoin and the broader cryptocurrency complex. On Wednesday, Armstrong implied that the U.S. Treasury Department may attempt to push through tightened regulation before the Trump administration leaves office.The threat of tighter regulation has always loomed large over the nascent digital-currency sector but the comments may have been enough to set a bearish tilt in motion on the bitcoin’s which have enjoyed a more than 130% year-to-date gain, experts said.Prime for a pullbackCharles Hayter, founder of CryptoCompare told MarketWatch that the retreat in bitcoin was “one of the fastest moves” that he has seen, adding it wasn’t unexpected after the cryptocurrency had made such a brisk run near its December 2017 all-time high.This was one of the fastest moves bitcoin has made. Naturally there is a pullback at these points as moves from off exchange to on exchange take place.Bitcoin’s rise to the stratosphere…