Once a strange beast of the investing world, attractive only to the stupid and greedy, bitcoin is now a commonplace asset. But what drives it up or down remains a mystery, especially as the price stays at $30,000, half the $60,000 level it enjoyed in April. Craig Erlam, senior analyst at Oanda Europe, offers some expert insights.

Q: Following an exuberant first few months of 2021, bitcoin has continued to languish at these markedly lower levels since May. What are the reasons for its downward trajectory?..

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