Bitcoin opened July with a value of circa $640 and by the end of the month it settled at just under $590. During the month of July several events occurred that should have had an effect on the value of, what is recognized as, a volatile commodity (all currencies can be thought of as commodities in economics). During the month of July the proposed New York regulations for traders that accept bitcoins, as well as those that store them, were announced (BitLicense). This announcement happened on July 17th, yet the Bitcoin value remained stable until July 20th. Why did the market not act on news that would have adversely affected price only two or three months before?
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