Bitcoin price has taken a hit

The price of Bitcoin has dropped from its highs above 60k dollars to hover between 54k and 56k before further tumbling to around 52k in the last few hours. Despite the fact that relatively no impactful FUD has surfaced in most circles price seems almost to have reacted negatively to bullish news. This could perhaps be traders selling the news event or a much needed correction. 

Elon Musk and his Bitcoin leap of faith

16 hours ago Elon Musk tweeted that Tesla was now accepting Bitcoin as payment for their vehicles etc. This news was expected by many after the announcement that Tesla had purchased 1.5 billion dollars worth of BTC earlier this year. The extraordinary segment is that Elon went on to state that Tesla were operating nodes in the network and would not be converting any coins received into 'fiat currency'. This is a massive boost for the industry in general but specifically for the integrity of the market since it is a vote of confidence in BTC's future as a currency.

Fidelity's plan to open Bitcoin ETF 

Fidelity Investments have registered a Form S-1 with the SEC to launch an ETF to track Bitcoin's performance. The name of the ETF is set to be 'Wise Origin Bitcoin Trust' and has declared its intention to use BTC to pay select expenses. 

Increased government interest in Bitcoin

According to Robby Gutmann, NYDIG's co-founder and CEO, which is a firm that has Morgan Stanley's ETF interest, multiple governments have been showing increased interest in Bitcoin and even inquiring into purchasing it. This preliminary kind of announcement is normally used to test the waters of its potential impact.

The precise reason that the market is seeing red over the last few days is not entirely clear but if this kind of news continues, the dip will probably not last very long. 

Why do you think the price of Bitcoin has fallen over the last week?