Bitcoin Starts off Year on a Negative note
Bitcoin has started its year negatively with a nearly 5% drop in trading value from Friday 29 December 2017 to the end of business on Monday 1 January 2018, in New York. On Tuesday in Asian markets, Bitcoin fluctuated in trading. The Cryptocurrency reached its highest value on December 18 of last year, peaking at $19,511.00.
On the first day of last year Bitcoin increased in value by 3.6%, and ended with a 1300% plus increase in value. Last month Bitcoin was included in Wall Street, as a form of Future Contracts.
Last month the US Securities exchange Commission stopped and suspended trading of a popular Bitcoin associated stock; setting off alarms about market manipulation, until January 4, 2018. The crypto-company’s shares had risen a staggering 1700% between September 2017 and the beginning of January 2018.
A statement cited “concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock.”
The crypto-company labels itself as providing a service that gives direct exposure to global Blockchain expansion and its growth.
Bitcoin is monitored by Blockchain technology that tracks every Bitcoin transaction, and registers the address, amount traded, as well as the date and time in a ledger.
How Else is Bitcoin’s Value being Affected
In the criminal underworld, Bitcoin is losing its sheen due to Blockchain technology. New Cryptocurrencies like Monero have emerged that make use of encryption technology that hides the true address and registers a false one to hide the identity of the sender, as well as hiding the transaction amount.
The technology used is so effective that the software used to monitor all Crypocurrencies now flags virtually every transaction regarding Monero, whether converted into or out of the currency as High Risk, unlike Bitcoin, which is, only flagged approximately 10% of the time.
Other forms of currency that are growing in popularity in the underworld are Zcash and Ethereum.
With other Cryptocurrencies being developed that allow for greater privacy, what does Bitcoin’s future look like. Will it be overtaken by the other currencies, or will everything even out over time and they will share the space and value?