Price of Bitcoin hits new Low for 2018
The price of bitcoin has hit a new low this year. This time, the price of the digital currency has fallen below $9,000. In fact, this is the lowest value of bitcoin in more than two months. At the time of writing, the price of bitcoin listed on CoinMarketCap was $8,028.
Definitely, these are not good news for bitcoin and its supporters. Once again, the drop was sudden and unexpected, as the price of bitcoin fell below $9,000 only a few hours after the market opened with trading above $10,000. This is not the first time when the price of bitcoin is characterized by such a high volatility, this actually being one of the main concerns associated to the cryptocurrency market.
Bitcoin's price hits lowest level in months, while other cryptocurrencies also suffer price drops
Of course, bitcoin is not the only cryptocurrency that has been affected by this new price drop. In the same category are most of the other cryptocurrencies listed on CoinMarketCap and OnChainFX.
As imagined, for the moment it is not very clear what has caused this new price drop. Of course, several reports have claimed that the drop could be linked to plans from several countries to regulate cryptocurrencies. One of those countries is now India, which is planning to ban the use of all digital currencies for payments.
The announcement was reportedly made by the finance minister of the country, Arun Jaitley, who also talked about blockchain technology. Jaitley said that this technology can end up being beneficial for other purposes, adding that the government will look into it. He said:
“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”
At the beginning of December, 2017, the price of bitcoin managed to reach the impressive sum of $20,000. However, since, it has suffered various drops and seemed unable to gain that value again.
