Bitcoin's year-on value drops prompting query about it slowing down


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Bitcoin's year-on value drops prompting query about it slowing down

Bitcoin is the most popular form of cryptocurrency and the first, too. However, as much as it has awed people, it is also an equal object of worry. In the last couple of years, Bitcoin has seen its value rise consistently upwards which has lured investors seeking to build and widen their investment portfolio on the cryptocurrency.

But recent events seem to suggest that the tide has turned for Bitcoin in 2018. On 31st of October, Wednesday, which was the 10th anniversary of the cryptocurrency, Bitcoin posted a staggering loss on the year-on-year average.

As compared to its value on the 31st of October 2017, its value this year on the same date had fallen by about 3%. Statistics quoted by Reuters stated that on 31st of October 2017, Bitcoin had traded at around 6,444 against the dollar whereas this year it had traded at about 6,263 against the dollar.

Experts, however, stated that these fluctuations were par for the course given that the cryptocurrency channels are still being explored by the investment and financial companies engaged in their traditional operations.

As quoted by Reuters, the multinational blockchain and investment banking company, NKB Group's brokerage head Ben Sebley stated, "We see behind closed doors financial and non-financial institutions beavering away to create the infrastructure."