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  1. Bitcoin price remains above $8500 in India today; slow recovery follows big plunge

Bitcoin price remains above $8500 in India today; slow recovery follows big plunge

Bitcoin was trading at $8,844 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. The highest price of Bitcoin for today was recorded at $8,897.81. On Tuesday, Bitcoin’s highest price was $8, 915.26.

By: | Published: February 14, 2018 4:38 PM
Bitcoin will take good amount of time to recover the record highs that it touched in the second half of the last year, experts say.

Bitcoin was trading at $8,844 in India today on CoinDesks’s Bitcoin Price Index (BPI) at the time of reporting. The highest price of Bitcoin for today was recorded at $8,897.81. On Tuesday, Bitcoin’s highest price was $8, 915.26. Still, the popular digital currency that was the flavor of the season for the most part of the last year is a long way from touching its high of $19,783 that it touched on December 17 last year. As per various cryptocurrency experts worldwide, Bitcoin will take good amount of time to recover the record highs that it touched in the second half of the last year. Earlier today, Mario Draghi, President of the European Central Bank (ECB), said bringing about regulation of Bitcoin is not the job of his organisation. He was answering the questions about whether ECB will ban Bitcoins or regulate them in any way. “I have to say it’s not the ECB’s responsibility to do that,” he announced.

A few weeks back Nouriel Roubini, the economist who had rightly predicted the US housing crash in 2008 that Bitcoin mania will end soon as it’s just a bubble on the similar lines as Mississippi bubble, tech bubble, and Tulip mania. He also said, “Bitcoin as mother of all bubbles that will burst anytime soon.”  Nouriel Roubini also said that popular digital currency is on its way down to zero since it lacks any fundamental value. Bitcoin price reached $9,000 over the last weekend. However, it soon plunged below $8,000 briefly on Sunday only to take a climb once again.

Last week, Forbes, the popular American business magazine introduced a list of Bitcoin millionaires, a first of its kind list published by a reputed media platform. It resulted in getting the heads talking sense all across the world.  Back in India, a substantial amount of investments have been parked in the popular digital currency especially after the record highs that is touched in the second half of the last year.

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