Bitcoin is obviously the most popular cryptocurrency as we speak, and it has the highest number of owners and currency in circulation. The plan of the developers of this currency was that 21 million coins will be the total of the currency in circulation. However, as we speak, more than half of that is in circulation already. One of the most prevalent characters of this coin, just like other currencies, is the fluctuation in value, as dictated by market forces, the influence of other currencies, state policies, and speculation.
Its value has seen meteoric rise since the last year, and a look at what it was valued at, within the past one year is given below.
Bitcoin was valued at around +$3,074.84 within the past 12 months. It is good to note that this coin that arrived in 2009 was valueless all through that year because it was not traded. The first trading of Bitcoin as a currency happened in 2010, and within the period under review, it was valued at $0.39. It started its rise as a currency acceptable to the world from here, and got to about $1044.25 by 28th March 2017. However, that was the period the U.S. Securities and Exchange Commission denied the application for the acceptance of Bitcoin as a digital currency. It was the second time they were rejecting the application in a few years. Around the 10th of the same month, the value of the coin got to $1190.39 as seen in vogueplay.com/dk/.
However by the first day of April 2017, Bitcoin had a value of $1085.03, and that was a little dip in what it was some days back. However, that was the period that the government of Japan recognized as one of its legal tenders. Of course, the currency is said to have been created by Japanese. So, it is easy to see the connection and the reason why they would approve it. After debating it for months, legislation was passed by the law makers in the country to bring the Bitcoin exchanges under the anti-money laundering/know-your-customer rules. That was when they named Bitcoin among the prepaid payment instruments. With this announcement, the value of Bitcoin rose to $1215.69 within the next 10 days.
Fast-forward to the first day of August 2017, and after much fluctuation, the value of the coin was about $2787.85. That is after going above $3000. However, the events around the currency at the given period saw the splitting of Bitcoin as a payment instrument. Lots of debates and discussion had been ongoing for many years about the best scaling method for Bitcoin. However, on the 1st of August, the result was put into action, and that caused a splitting of the Bitcoin code into 2.
The first group went with the suggestion that the Bitcoin should be optimized through Segwit, while the other chose the bigger blocks of about 8mb instead. Those who chose the 8mb direction named theirs Bitcoin cash. The meaning is that the holdings of people with Bitcoin wallets by that day were doubled. 2 Bitcoins now gets you 2 Bitcoins cash and 2 Bitcoin. Sequel to this, the next 10 days saw a rise in the value of Bitcoin to $3383.79
But this was not the end of what has happened to Bitcoin within the last one year. China had a clampdown on the currency in the past few days, rejecting it as a means of transaction in the country in the bid to save its citizens as she posited. This again had a hit on the currency. So by September 15, 2017, BTC China confirmed that they will halt trading by September 30, and Bitcoin went down to $3000.
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