According to Federal Reserve the Decline in Bitcoin is Due to The Launch of Bitcoin Futures

Тhe Federal Reserve Bank of San Francisco discharged an Economic Letter May 7, proposing that Bitcoin's (BTC) decrease following its $20,000 top was the consequence of the dispatch of Bitcoin prospects exchanging.

The Federal Reserve's letter says that "the quick run-up and ensuing fall in the cost after the presentation of fates does not seem, by all accounts, to be an incident" and "it is predictable with exchanging conduct that regularly goes with the presentation of prospects markets for a benefit."

Doubters had no accessible instrument to short Bitcoin and to benefit from wagering on a value decay until the point that Bitcoin prospects were presented. The new speculation opportunity caused a fall popular in the day-ahead Bitcoin advertise and thusly sent the cost down.

"The launch of Bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the Bitcoin price dynamics.” 

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