In the run up to the end of the year, Bitcoin shrugged off the heavy selloff of a day earlier in volatile trading gaining 3.08 percent or $428.00 on the Bitfinex exchange on Friday at above $1,000.
South Korea Key Country
Bitcoin saw a heavy sell-off earlier in the week, after the announcement by the South Korean government that they were going to impose a ban on the offering of virtual accounts by banks to crypto-exchanges. South Korea holds around 20% of all Bitcoin transactions and is a key country as the largest cryptocurrency by market cap.
December Tumultuous Month
The month of December has been an especially tumultuous month for Bitcoin with all-time highs and losses of about 46 percent and then it recovered half of its losses. In a span of two weeks in wild moves in trading went from highs to lows settling down at 28 percent.
2018 Outlook Divided
The outlook around the globe amongst experts for 2018 remains divided as Regulators start to ‘eye’ crypto currencies and how they are going to handle the decentralized currency. Some are of the opinion that it will continue increasing in value while others say it is near to bursting of the bubble.
Ripple Gained 33.28 Percent on the Poloniex Exchange to Trade at $1.65800 on Friday
Ripple that has lower costs compared to Bitcoin and is used by banks for global money transfers gained after the news that it has formed a consortium with major Japanese credit card companies, JCB, Sumitomo Mitsui Card and Credit Saison. Ripple is well entrenched in Asian financial institutions and now boasts 61 banks for inter-bank transactions.
Ethereum gained 6.18 percent to $738.08, while Bitcoin Cash gained 1.00 percent to $2,443.20.
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