Bitcoin value continues to fluctuate, price fails to go beyond year’s early high of US$1,000

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image credit – moneyweek.com

Bitcoin, the famous cryptocurrency which started off the year on a high note with a valuation of over US$1,000 across multiple exchanges had a very turbulent week after its grand entry in 2017.

Over a 7 day period, it fell from its US$1,020-plus perch, dropping by as much as $200 on the 5th of January and fluctuating between the $850 and $900 range.

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Depending on which Bitcoin exchange you are using, it’s currently worth between $885 (that’s Coindesk’s latest rate for it) and $924 (that’s the value you’ll get for it on Bitcoinfundi, a Zimbabwean Bitcoin exchange).

The highs and lows of Bitcoin in the past few months have been tied to its increased uptake in China as some entities there have embraced it as an alternative for moving money out of the country.

According to Bloomberg the latest slip in value is related to this with Chinese bank’s regulations on its use set for review with increased restrictions.

In markets like Zimbabwe, there has been no regulation set up for Bitcoin and cryptocurrency with the central bank only going as far as to advise users of the currency to tread with caution.

The latest yo-yo effect on its pricing could highlight the need for some sort of framework on it, especially since the cryptocurrency is already being used by an increasingly e-finance literate population (smartened by the cash crisis) for services like remittances and imports like cars.

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5 Comments

  1. Kilotango says:

    i’ve noticed that everything theres any article about bitcoin, there is ALWAYS mention of bitcoinfundi…we get it!

    1. Kilotango says:

      * everytime

  2. SImon says:

    It makes total sense for Techzim to always mention Bitcoinfundi when reporting about Bitcoin related news. Bitcoinfundi is the ONLY local Bitcoin exchange. It there were several Zimbabwean Bitcoin exchanges and only one was mentioned consistently , then yes we would complain about unfair coverage, but right now there’s nothing to complain about. I actually wish more noise could be made about Bitcoinfundi.

    1. Kilotango says:

      read my comment…. we get it!

      repeating someones business name over and over doesnt mean they are successful or bad at what they do.. it just means everyone gets to hear about them, over and over and over and over….

      1. purple says:

        Why not u open your own exchange so that they mention bitcoinfundi and , Then me comes along and they will say various local exchanges
        kkkkkkk.

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