Bitcoin was trading at $10,092.76 on CoinDesk’s Bitcoin Index (BPI) in India today. Bitcoin is still a long way to reach the highs of last year.
Bitcoin was trading at $10,092.76 on CoinDesk’s Bitcoin Index (BPI) in India today, at the time writing the report. Bitcoin hit $20,000 level in mind-November. Bitcoin is still long way to reach the highs of last year. However, recovery is still on. The global average price that is calculated by CoinMarketCap is currently holding around $200 higher on basis of ‘Kimchi premium’ i.e. Bitcoin is being purchased over $11,000 on Korean exchanges namely Upbit, Bithumb, and Coinone. On most of the foreign exchanges Bitcoin is being traded at a price of $10,000.
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On Tuesday, Venezuela finalised the starting phase of launching the first ever oil-backed cryptocurrency that is also backed by a state. The currency known as Petro (digital coin) is said to be oil-rich Venezuela’s answer to Bitcoin. The country that is ridden under $141 billion debt believes it will help recover the economy. It was announced last year by Venezuela that it will be issuing 100 million digital petro coins during the starting of 2018. The initial 38.4 million Petro coins were put on sale on Tuesday at $60 per token. The US has warned cryptocurrency investors to be wary of the state-backed Petro coins as Venezuela still has to repay $141 billion in debt.
What Ethereum co-founder says
Ethereum co-founder Vitalik Buterin warned investors some weeks back that because Bitcoin lacks any fundamental value the money that investors have parked into it will be ruined in an instant especially in current scenario that is full of volatility. It is better to invest money in the traditional financial assets where one can afford to lose it, he said. The cryptocurrencies can lose their value anytime since they are hyper volatile in nature.