Bitcoin Price in Indian Rupees in 2018
Introduction to Bitcoin in 2018
In early 2018, Bitcoin was coming off a record-setting 2017, where it reached an all-time high of nearly $20,000. As the new year began, many investors and enthusiasts were eager to see if Bitcoin would continue its meteoric rise. However, 2018 turned out to be a year of significant adjustment for Bitcoin, marked by sharp declines and increased volatility.
Bitcoin Price Trends in 2018
January 2018
The year started with Bitcoin trading at approximately ₹13,00,000 to ₹14,00,000 INR. The price was still high from the previous year’s surge, but signs of a slowdown began to emerge. Market sentiment was cautious as regulatory concerns and market corrections took center stage.
Mid-2018
By mid-2018, Bitcoin’s price had dropped considerably. In June, Bitcoin was trading around ₹5,00,000 to ₹6,00,000 INR. This decline was attributed to several factors including increased scrutiny from governments and regulatory bodies around the world, as well as a broader market correction affecting the entire cryptocurrency space.
End of 2018
Towards the end of 2018, Bitcoin's price continued to experience downward pressure. By December, the price of Bitcoin in Indian Rupees had fallen to around ₹3,00,000 to ₹4,00,000 INR. This marked a significant decline from the highs of early January, reflecting a year of substantial retracement and market consolidation.
Factors Influencing Bitcoin's Price in 2018
Several factors contributed to the fluctuations in Bitcoin’s price throughout 2018:
Regulatory Developments: Governments and regulatory bodies in various countries increased their scrutiny of cryptocurrencies. This included stricter regulations and, in some cases, outright bans on cryptocurrency trading and initial coin offerings (ICOs). Such actions created uncertainty in the market, impacting Bitcoin’s price negatively.
Market Sentiment: The hype and speculative interest that drove Bitcoin's price to new highs in 2017 began to wane in 2018. As speculative investment subsided, Bitcoin's price corrected itself. The general sentiment shifted from exuberance to skepticism, contributing to the downward trend.
Technological and Security Issues: Throughout 2018, there were various security breaches and technological issues that affected cryptocurrency exchanges and wallets. These issues undermined investor confidence and contributed to the volatility in Bitcoin’s price.
Broader Economic Trends: Economic events, including changes in interest rates and macroeconomic indicators, also played a role in influencing Bitcoin's price. As traditional markets experienced their own set of fluctuations, Bitcoin was not immune to these broader economic trends.
Conclusion
The year 2018 was a challenging one for Bitcoin, with its price in Indian Rupees experiencing significant declines from the highs of the previous year. The volatility and corrections seen throughout the year were influenced by a combination of regulatory pressures, shifting market sentiment, and broader economic factors. Despite the downturn, Bitcoin continued to attract interest and investment, setting the stage for future developments in the cryptocurrency market.
As we look back at 2018, it is evident that Bitcoin's journey was marked by both dramatic highs and lows. Understanding these trends and the factors behind them provides valuable insights for investors and enthusiasts navigating the ever-evolving world of cryptocurrencies.
Table of Bitcoin Prices in INR for 2018
| Month | Price Range (INR) |
|---|---|
| January | ₹13,00,000 - ₹14,00,000 |
| June | ₹5,00,000 - ₹6,00,000 |
| December | ₹3,00,000 - ₹4,00,000 |
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