LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Slump in Bitcoin raises eyebrows on cryptocurrencies’ performance in 2018

Witnessing the fall in Bitcoin, investors also removed their money from other major cryptocurrencies.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Slump in Bitcoin raises eyebrows on cryptocurrencies’ performance in 2018
Representational Image: Photo: Pixabay
Written By: Pooja Jaiswar
Updated: Tue, Dec 26, 2017
07:29 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Bitcoin price: Dirty little secrets revealed by BofA Securities | Highlights here Bitcoin price: Dirty little secrets revealed by BofA Securities | Highlights here
Bitcoin hits record high; trades as high as $59,755 on Saturday Bitcoin hits record high; trades as high as $59,755 on Saturday
Gold price nearing bottom, buy now, Ajay Bagga tells Anil Singhvi; know about Bitcoin too Gold price nearing bottom, buy now, Ajay Bagga tells Anil Singhvi; know about Bitcoin too
Bitcoin : Microstrategy and Tesla are moving parts of their corporate treasuries into Bitcoin says CIti Research Bitcoin : Microstrategy and Tesla are moving parts of their corporate treasuries into Bitcoin says CIti Research
In chat with Anil Singhvi, Market Expert Ajay Bagga talks about increasing bond yields, its impact on economy and Bitcoin price crash In chat with Anil Singhvi, Market Expert Ajay Bagga talks about increasing bond yields, its impact on economy and Bitcoin price crash

Even as the year 2017 marked new history in the cryptocurrency market, the downturn recorded in Bitcoin is now raising many eyebrows on its future performance.

Although available since 2009, Bitcoin's valuation increased to great heights in the year 2017. It surged by a whopping 141198.21% or 1412.98 times from the year 2013 to till December 19, 2017.

Interestingly, things started to change during Christmas eve, as Bitcoin witnessed a sudden fall in its valuation. The digital currency, which stood at $19,694-mark on December 19, tumbled to $16,422.80 level on the next day and further to $15,530.90 on December 21 and touched a low level of $12,148.92 on December 22, 2017.

Bitcoin thus slipped by 38.31% or $7,545.76. According to coindesk data, Bitcoin opened on $13,917.03, but managed to float near $15,440.02 during the trading session.

Witnessing the fall in Bitcoin, investors also removed their money from other major cryptocurrencies. Between December 19 and December 22, Ethereum plunged by 28.52%, while Litecoin by 47.27%, Dash by 46.09% and Monero by 44.77%.

The performance of cryptocurrency has raised many questions and experts have already issued warning about the blockchains slide as an unsustainable bubble.

Explaining slide in above mentioned cryptocurrencies, Investing.com stated that some observers suggested that investors were cashing in on stellar gains across the board as they closed their books ahead of the Christmas and New Year’s holidays.

According to Arstechnica.com, one factor that weighed on Bitcoin in particular would be the network's skyrocketing transaction fees.

Daily average fee to send one bitcoin transaction, which stood at $26, increased to further $50 on December 21.

Recently, the Securities and Exchange Commission (SEC) warned investors to be careful while investing in Bitcoin and other digital currency. Similar warnings were issued by the Financial Industry Regulatory Authority.

Such warnings came after when Bitcoin has been pushed towards futures and commodities market.

After two exchanges in Chicago, namely CME Group CME and CBOE Holding, launched their own version of Bitcoin futures. The Commodities Futures Trading Commission has planned to regulate this currency like a commodity. Also, global investment banker Goldman Sach is stated to be gearing up for trade in cryptocurrency.

CoinDesk in its research report says, “It’s also possible that the institutional investors that are negative on bitcoin’s prospects (and there’s no shortage of those) may use the futures markets to put money behind their conviction. It’s much easier to sell a futures contract with a lower-than-market price than it is to actually short bitcoin. These investors may well send signals to the actual bitcoin market that sends prices tumbling.”

Uncertainty continues, considering Bitcoin has already witnessed bubble phase three times since inception.

Bitcoin saw bubble in the year 2013. The price of one Bitcoin was at $1,147.25 on December 4, 2013, but it came down to $522 on December 18, 2013. It continued to tumble since then and reportedly reached at $177-mark on January 14, 2015.

Bitcoin, however, always managed to regain, and the year 2017 would be the best example to say that.

InvesTrekk stated that at least three times since 2010, the first year for which Bloomberg prices are available, bitcoin has retreated more than 70 percent from record highs.
 
Looking at the past, one can simply wait and watch as to how Bitcoin will perform in the year 2018.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
BitcoinBitcoin performanceBitcoin valuationBitcoin priceLitecoinDashMoneroethereumcryptocurrencyDIGITAL CURRENCYVirtual CurrencyMarketsInvestments
RELATED NEWS
Bitcoin price: Dirty little secrets revealed by BofA Securities | Highlights here Bitcoin price: Dirty little secrets revealed by BofA Securities | Highlights here
Bitcoin hits record high; trades as high as $59,755 on Saturday Bitcoin hits record high; trades as high as $59,755 on Saturday
Gold price nearing bottom, buy now, Ajay Bagga tells Anil Singhvi; know about Bitcoin too Gold price nearing bottom, buy now, Ajay Bagga tells Anil Singhvi; know about Bitcoin too
Bitcoin : Microstrategy and Tesla are moving parts of their corporate treasuries into Bitcoin says CIti Research Bitcoin : Microstrategy and Tesla are moving parts of their corporate treasuries into Bitcoin says CIti Research
In chat with Anil Singhvi, Market Expert Ajay Bagga talks about increasing bond yields, its impact on economy and Bitcoin price crash In chat with Anil Singhvi, Market Expert Ajay Bagga talks about increasing bond yields, its impact on economy and Bitcoin price crash

LATEST NEWS

Alert! THIS forwarded link on your WhatsApp with APK download link is a trap; Don't click - Check all details here

Oppo A54 smartphone launched in India at starting price of Rs 13,490: Check camera, specifications, bank offer and more

Vivo X60 Pro review: Buy it for an amazing camera experience

PUBG Mobile Lite Update: Season 24 release date revealed, check WP rewards, APK download link and more

After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE

Delhi Lockdown - Check who is allowed, who is not during a week-long lockdown in Delhi

BIG Covid 19 vaccine boost: Modi Government to release Rs 4,567.50 crore for Serum Institute and Bharat Biotech

India to open up COVID-19 vaccines to over-18s from May 1

BIG! VACCINATION FOR ALL for 18 years and above from 1 May - here are key takeaways form this Government decision

Wear face mask, it is the most potent tool to ward off Covid-19, says Anil Singhvi

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved