Bitcoin has been in the limelight for quite some time in the recent days. The cryptocurrency has again become the hot topic due to a significant loss in its value in the international market. Bitcoin became the hot topic for many people when it jumped to an all-time high value of $20,000 from $8000. This significant rise in the Bitcoin value was seen in a very short span of time, which quite shockingly grabbed everyone’s attention. The rise, however, was not permanent and had a drastic end today. According to Coinbase, the Bitcoin depreciated in its value by 23% with some others cryptocurrencies as well. Bitcoin stock price today was seen around $12,000 on London based exchanges.
Bitcoin Exchange rate and its drop:
The timeline of Bitcoin exchange rate is full of several ups and downs in the year of 2017. At the start of the year, it was valued at just $998. The price, however, jumped to the record high value of $20,000 earlier this month. The rise in its value, however, proved to be a bubble of water in the end and the currency saw the worst drop in value during 2017. The drop value was at one point noted more than $4,000. At the end of the day the Bitcoin stock price today was noted after depreciation at $12,000 in London.
Bitcoin and other cryptocurrencies lose value:
It is not just Bitcoin that has lost its price other famous currencies are also among the effective. Bitcoin exchange rate depreciation in percentage (23 percent), Ethereum 20%, Bitcoin Cash losses 30% of value, and Litecoin 21%. Coinmarketcap.com data depicts the worst downfall in almost all the famous digital currencies in mere 24 hours. Only a few could survive the storm of value downfall, however, Ripple quite surprisingly gained seven points rise.
Bitcoin’s value drop creates confusion among the traders:
While nobody knows what caused its value to drop drastically (just like nobody knew the reason for the rise), the traders are confused. Some people think that the embracing of the cryptocurrency from financial institutions is causing the downfall.
Rumors are that the downfall is not going to stop even in 2018 but is likely to get speed. Goldman, one of the financial organizations is planning on trading Bitcoin and likewise currencies in 2018.
Goldman is among some of the very few financial firms that offer Bitcoin Futures to specific clients. Many banking and financial institutions opposed and showed concerns about transparency and regulation in Bitcoin Futures. However, CBOE and CME were among very first firms to offering trading option a few days back.
Bitcoin stock price today in Pakistan:
The downfall is a bad news for Pakistani investors as well. According to latest Bitcoin to PKR exchange rate, 1 Bitcoin equals 1430658.30 Rupees. The Bitcoin stock price today in Pakistan is also at the lowest percentages of drop during 2017.