After the recent media reports of PayPal’s co-founder Peter Thiel’s ‘Founder Fund’ investing over $15 million in bitcoin last year, the price of the cryptocurrency started recovering again. Ending 2017, the bitcoin price was around $14,000 but has now started recovering. The price has improved in the past few days and has hit $17,149. The sky rocketing price saw a further significant surge of more than $5,000 in just two days. This rapid rise of bitcoin has left many bankers and financial analysts puzzled. The latest increase came when it was reported that Paypal co-founder, Peter Thiel had made massive bets on bitcoin in 2017.
On January 5, it touched $16,928. The bitcoin price in 2018 closed at $13,443 on January 1 against around $14,000 on December 31. On January 2, however, the bitcoin price surged to $14,679. The next day, the price rose to $15,156. On January 4, the price recorded $15,144.
On December 17, at the event of the rollout of futures trading at the CME Group, the price had scaled a peak of $19,666.
In India, the bitcoin price has recovered marginally and has stayed constant at above Rs. 11 lakh. On the bitcoin wallet, Zebpay, the purchase price of a bitcoin is Rs. 11.27 lakh while it can be sold at around Rs. 10.91 lakh.
On an Indian bitcoin exchange platform, Coinsecure, the purchase price of a bitcoin is Rs. 11.40 lakh while the selling price is kept marginally lower at Rs. 11.32 lakh.
January 2 had seen the purchase price of bitcoin closed at Rs. 10.73 lakh. The price of the cryptocurrency had stayed in the same range for some days even afterwards, and on Saturday (January 6), the price finally settled down at around Rs. 11.37 lakh, which was a jump of 6% in just about four days.