Whats behind the Bitcoin price boost?
Image source: Getty Images  The price of Bitcoin is on the move again and has seen another quick and sweeping change. Lets take a look at whats going on with the worlds leading cryptocurrency. Compare stocks and shares ISAs If youre planning to open a stocks and shares ISA, choosing the right platform is important. To help you narrow down the choices, weve created a list of some of the top stocks and shares ISAs. the number one cryptocurrency has had a tough time of late. The bulls have been losing out to the bears and there has been a lot of negative price movement down to lows of around 23,000. The drop has been so significant that almost 50% of the value has been wiped from the notoriously volatile asset, bringing down much of the rest of the cryptocurrency market with it. There were a few factors leading to the recent downfall:  In one of the quickest turnarounds ever, Elon Musk said Tesla would no longer accept crypto payments due to environmental concerns  India has continued mulling proposals to ban the top cryptocurrency  China has once again reiterated that the government does not look favourably upon cryptocurrencies  This all created a lot of downward selling pressure with lots of investors keen to shift their Bitcoin holdings and move to more secure assets. These all-too-common investing errors can cause you to miss out on the long-term wealth-building power that shares can hold. To help you side-step these pitfalls, and move forward on your path to wealth-building, weve created a free report, The 3 Worst Mistakes New Investors Make. Just enter you best email below for instant access to your free copy. Click here! Theres recently been some more positive news for Bitcoin. Three big developments have resulted in the price of the asset going up. El Salvador passed a bill to start accepting Bitcoin as legal tender. Its a move that has since been criticised by the International Monetary Fund as concerning. Elon Musk got back onto Twitter to reverse his reversal. He said that Tesla might reconsider accepting Bitcoin if there is proof that mining uses at least 50% clean energy. Theres been confirmation that the Bitcoin network will receive an upgrade called Taproot in November. Although helping to propel the price slightly to around 28,000 at the time of writing, its still nowhere near the highs of roughly 45,000 in April. Investors should be aware that this is definitely not a stable asset. Its a technological development still in its infancy and buying Bitcoin is very risky. As we can see here, the price of Bitcoin can move massively in response to tweets, economic experiments or coding upgrades. Few people believed that prices would even reach current levels because no one really knows how to properly value Bitcoin. There is still a lot of confusion around whether the best use of Bitcoin is as a store of value or as a substitute currency. These conflicting purposes need to be thrashed out, and who knows how long that might take. Investing in cryptocurrency is extremely high risk and complex. The Motley Fool has provided this article for the sole purpose of education and not to help you decide whether or not to invest in cryptocurrency. Should you decide to invest in cryptocurrency or make any other type of investment, you should always obtain appropriate financial advice and only invest what you can afford to lose. Get a free initial review lasting up to 1 hour, plus 50 off any follow-up advice. MyWalletHero has sourced you a 50 discount off the cost of advice when you find an independent or whole-of-market financial adviser through Unbiased.co.uk*. All advisers are FCA-regulated, qualified and give fully unbiased advice. To find yourself an adviser fast and for free  use the Unbiased matching tool. Find an adviser now! *This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.