In Bitcoin this week, the Bitcoin enthusiasts are stunned over the increasing volatility that the cryptocurrency has shown this week. If on December 17, Bitcoin hit the peak price at $19,700, just two days later, the price plunged to $10,400.
The price fall was so ‘unusual’ and a big disappointment for Bitcoin enthusiasts that Emil Oldenburg, CTO and co-founder of Bitcoin(.com), has sold all of his stock and purchased Bitcoin Cash. Perhaps, one of biggest victories of Bitcoin Cash community against Bitcoin!
Back in India, the Bitcoin picture is still unclear. While SEBI has made a remark over the Bitcoin regulation, the IT department is set to issue notices to over 500K Bitcoin traders across the country.
Bitcoin, since its inception, has pushed traders, economists, investors, developers and other players into an infinity war where people are still unclear about who will win. While the enthusiasts continue to promote it as a Hulk among all the cryptocurrencies, critics write it down as some ‘Thanos’ that will be ultimately ripped apart by the Avengers.
The week was in turmoil. What started with Mt Gox, which had lost 850K Bitcoins due to ‘hacking’, has become a trend now. On December 18, one of the South Korean cryptocurrency exchanges Youbit finally announced its shutdown due to hacking. Meanwhile, the Monetary Agency of Singapore has followed in the RBI’s footsteps, warning cryptocurrency users about the risk involved.