Bitcoin’s Value Halved Since Last Year’s High

By Khushboo Chadda

On Sunday, Bitcoin slumped a little more, losing 5-6% of its value. CoinMarketCap, in its analysis, suggests that after the all-time high of about $20,000 per Bitcoin in December 2017, the cryptocurrency is now trading at $7200, after losing half of its value.

While there is no slump in the number of traders for Bitcoin, the price is up by 150% when you compare the existing rate with the one during the same time last year, when it was trading at $2800.

Mining operations are going strong with new operations being set up near areas which are supplying inexpensive electrical power. Hydro-Quebec, the province’s energy utility provider, stated that it will not accept any energy requests on a temporary basis from any crypto mining companies, “so that the company can continue to fulfil its obligations to supply electricity to all of Québec.” This is taking place when, three months ago, New York state announced that they will raise rates for mining companies.

In a statement, Eric Filion, president of Hydro-Quebec Distribution, said, “The blockchain industry is a promising avenue for Hydro-Québec. “Guidelines are nevertheless required to ensure that the development of this industry maximizes spinoffs for Québec without resulting in rate increases for our customers. We are actively participating in the Régie de l’énergie’s process so that these guidelines can be produced as quickly as possible.”

Last week, Warren Buffet and Jamie Dimon, who are explicitly not very rosy about cryptocurrencies, again showed scepticism on this digital form of money.

Khushboo Chadda

Khushboo Chadha is a passionate blockchain enthusiast who firmly believes in the extraordinary potential of the technology.

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