Bitcoin Price in 2018 in Indian Rupees
At the beginning of 2018, Bitcoin was valued at approximately ₹13,00,000. This was a notable drop from its peak value in December 2017, when Bitcoin was trading at around ₹16,00,000. The first quarter of 2018 saw a steady decline in the price of Bitcoin, driven by regulatory concerns and market corrections.
By April 2018, the price of Bitcoin had fallen to approximately ₹7,50,000, reflecting a significant decrease in market confidence. The downturn continued, and by mid-year, Bitcoin was trading at around ₹6,00,000. This period was marked by increased volatility and a general bearish sentiment in the cryptocurrency market.
In the latter half of 2018, Bitcoin's price saw some recovery. By October, the price had increased to about ₹9,00,000, as market conditions started to stabilize and some positive news surrounding institutional investments began to surface. However, this recovery was short-lived, and by the end of the year, Bitcoin's price was again around ₹8,50,000.
To illustrate the price fluctuations more clearly, here is a table showing the approximate price of Bitcoin in INR at key points throughout 2018:
| Date | Price in INR |
|---|---|
| January 1 | ₹13,00,000 |
| April 1 | ₹7,50,000 |
| July 1 | ₹6,00,000 |
| October 1 | ₹9,00,000 |
| December 31 | ₹8,50,000 |
Factors Affecting Bitcoin's Price in 2018
Several factors contributed to the fluctuations in Bitcoin's price throughout 2018:
Regulatory Concerns: Many countries began to implement stricter regulations on cryptocurrencies, which created uncertainty and negatively impacted market confidence.
Market Sentiment: The overall market sentiment in 2018 was bearish, with many investors becoming wary of the high volatility associated with cryptocurrencies.
Technological Developments: Advances in blockchain technology and updates to the Bitcoin network had varying effects on investor perception and price.
Institutional Investments: The year saw a gradual increase in institutional interest in Bitcoin, which contributed to price fluctuations as large investments were made and withdrawn.
Conclusion
In summary, the price of Bitcoin in Indian Rupees in 2018 was characterized by significant volatility and a general downward trend, followed by some recovery towards the end of the year. Understanding these price movements requires a grasp of both market dynamics and external influences affecting the cryptocurrency space.
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