- Bitcoin prices continue to stay under pressure for a long time now
- Bitcoins trade in tight range from $13,500 to $13,600 on BitStamp
- In India, bitcoins trade below Rs. 10 lakh on coinsecure
Bitcoin prices continue to be under pressure early this week as the cryptocurrency prices trade in the tight range between $13,500-$13,600 on the Luxembourg-based exchange BitStamp. The 24-hour high was $13,800, while the 24-hour low was $13,429 on the exchange. On Monday, bitcoins opened at a level of $13,648. In India, bitcoins trade below Rs 10 lakh. On Coinsecure, a bitcoin can be bought for Rs 9,78,500 while the selling price is around Rs 9,70,000. At the same time, a bitcoin trader/investor can buy a bitcoin for Rs 10,18,391 and sell for Rs 9.47 lakh on unocoin.
Five Triggers That Are Likely To Sway The Bitcoin Prices
1 Singapore's central bank chief on Monday spoke a few words in favour of blockchain technologies such as that of bitcoins. Ravi Menon, Monetary Authority of Singapore's (MAS) managing director, stated that he hoped the technologies underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the virtual coins. "I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain," he said.
2. Even South Korea released a statement allaying the fears that the Asian country is planning a crackdown on the cryptocurrency trading. "The plan to ban cryptocurrency exchanges, recently mentioned by the nation's justice minister, is one measure in talks to curb speculative investments, which the government will carry on with enough discussion for before finalizing the decision," an official at the Office for Government Policy Coordination told a news conference.
3. BlackRock CEO Larry Fink showed no signs of entering bitcoin ETF race, reported Reuters. "Those are not the kinds of products we would introduce at BlackRock," Fink told Reuters. Fink has also mentioned that bitcoin is a "speculative" investment that thrives because of its anonymous nature and he puzzled over "why it has so much fascination for the press."
4. In China, blockchain mania continued to propel the shares of a dozen companies, as Reuters reported on Friday (January 12), which recently disclosed their involvement in cryptocurrency technology. This happens while Chinese regulators take unprecedented steps to contain financial risks. Beijing has banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining - but speculators are not deterred.
5. Indonesia's central bank issued a fresh warning about trading in cryptocurrencies like bitcoin because of the risk of losses to the public and even a potential threat to the stability of the financial system. "The ownership of virtual currencies is high risk and prone to speculation because there is no authority who takes responsibility, there is no official administrator and there is no underlying asset to be the basis for the price," BI spokesman Agusman said in a statement issued late on Friday.