Bitcoin drops to $13K on the 1st day of 2018

By : |January 2, 2018 0

After a huge and profitable year, Bitcoin has dropped to $ 13,000 for the first time since 2015. The virtual cryptocurrency has fallen from $19, 511 it reached on December 18 to $13624.56, as of 5 PM in New York on 1st January 2018, as reported by Bloomberg.

According to Coinbase, the cryptocurrency has been constantly rising and falling from past few weeks. The cryptocurrency’s value fell dramatically just ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark.

According to the data compiled by Bloomberg, the virtual cryptocurrency had a downfall of 4.8 percent from Friday. That’s also a fall from the $14,156 it hit on Sunday, according to coinmarketcap.com, which tracks daily prices. The cryptocurrency fluctuated in early Asian trading on Tuesday.

Bitcoins drops to $13K for first time since 2015
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The cryptocurrency is up almost 20 percent over last month and more than 1,900 percent over last year. Bitcoin had started 2017 at $998 and jumped 3.6 percent on the first day of 2017. But the recent ongoings have demonstrated that the cryptocurrency is highly volatile.

Unlike global currencies, bitcoin is not regulated by a central bank meaning that mass sell-offs cannot be easily halted or controlled. Amid all the highs and lows surrounding Bitcoin, recently the South Korean government has enacted regulations which will require all cryptocurrency accounts to be associated with real identities.

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