Not So Happy New Year For Bitcoin

Not So Happy New Year For Bitcoin

The year 2018 seems “not” to be cryptocurrency friendly!

Ever since the year 2015, it started the year by declining from its value, sliding from an all time high of $19,511, which it reached on December 18.

The virtual coin fell to $13,624.56 as of 5 p.m. in New York on Monday, down 4.8 percent from Friday, according to data compiled by Bloomberg. That’s also a drop from the $14,156 it hit Sunday, according to coinmarketcap.com, which tracks daily prices. The cryptocurrency fluctuated in Asian trading on Tuesday, trading 1.9 percent lower as of 3:22 p.m. in Hong Kong.

Compared to this, in 2017, Bitcoin started off around $1000 and gave returns of more than 1,300 percent. Ever since then it has ignited discussions among the economists and investor firms on Wall Street.

The rally drew a lot of attention and brought bitcoin to Wall Street in form of futures contracts. It reached the Dec. 18 peak hours after CME Group Inc. debuted its derivatives agreements, which some traders said would encourage short position-taking.



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