Bitcoin Hits 17 Months High!!

The famous cryptocurrency Bitcoin was all over the news in 2017-18, the bubble was a huge one and it finally busted. After the burst it seemed that recovery will take many years, but yesterday, the bitcoin saw a spectacular movement as it hit a 17-month high. In the early hours of this morning, Bitcoin was trading at almost INR Rs 10,00,000, although it has dropped slightly to almost INR Rs.9,20,000

The cryptocurrency’s run marks an incredible turnaround following the famous Bitcoin crash of 2018, which saw its value dive down by as much as 70 percent from its 2017 record high.

According to a news site specializing in Bitcoin and digital currencies- CoinDesk, the data shows that the Bitcoin Price Index is now trading at “the highest level seen since mid-January 2018”.

Following the drop of fellow digital currencies like ripple and Litecoin, bitcoin too crashed about INR Rs 2,50,000

However, the decline was protected by a crucial bullish trend line with current support near INR Rs 7,00,000 on the same day. The price also stayed above the 61.8% Fib retracement level. The dropped price quickly recovered and jumped to Rs 7,80,000 – Rs 8,30,000.

The bitcoin has been always in news, both posetive and negative. recenty seeing the bumb of bitcoin, U.S. Treasury secretary Steven Mnuchin has added his voice to the assault on bitcoin and Facebook's planned Libra crypto project, and other cryptocurrencies, warning they pose a "national security" risk to the country.

Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking.

Supportes don't take this comment legit, many think that crimes have been done even with real cash and trabsactuins, it is not the cryptocurrency fault, it is the user's fault who use it in such a way. The Goverment can monitor and bring adequate policies to restrict such illegal transactions.

On the other side, watching the bitcoin run, many experts have agreed that bitcoin run is proof that it came here to stay for many - many more years.

“It is extremely exciting — this has happened five times before and it’s just happening again because Bitcoin is digital gold — it is exactly the same as gold, it’s just in digital form. It has been going for 10 years, and now it’s back again" - Mr. Schebesta, crypto experts and who also hosts a regular crypto talk show said-