Bitcoin plummets after hitting record high in Japan

Bitcoin vale plummeted 12 per cent on Friday after hitting a record high of 2.4 million yen ($21,167) in the first hours of trading in Japan.

Published: 08th December 2017 03:09 PM  |   Last Updated: 08th December 2017 03:09 PM   |  A+A-

Bitcoin logo. (File photo | Reuters)


TOKYO: Bitcoin vale plummeted 12 per cent on Friday after hitting a record high of 2.4 million yen ($21,167) in the first hours of trading in Japan.

Bitcoin reached the high at 8 a.m., on Coincheck, one of the biggest bitcoin exchanges in Japan, and a little bit lower on bitFlyer, another main exchange firm, reports Efe news.

After that the prices tumbled, reaching an intra-day low of 1.6 million yen at 2 p.m., although later it stabilised at around 2 million yen.

The most popular cryptocurrency continues to make new records daily, showing a sustained rise - despite ups and downs - since the beginning of this year, when it was valued at a price 20 times lower than the current one.

The value of bitcoin has doubled in the last two weeks due to futures trading over its price in markets in the US, leading to growing interest among both individual investors and financial firms.

Products related to the virtual currency could also be launched on Tokyo's financial markets from next year, a conglomerate of companies operating in Tokyo has said.

The high volatility in the virtual currency market and the huge influx of investors on Thursday led to the main international exchanges offering very different rates and some of them suffering technical problems temporarily.

Japan was one of the first countries in the world to legalise bitcoin, recognizing it as a mode of payment in April, making it an important investment asset in the third biggest economy worldwide.

Bitcoin is a decentralised virtual currency founded in 2009, and based on "blockchain" technology, which is also used in other cryptocurrencies, in which the material value is based in data encryption.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

facebook twitter whatsapp