1 Bitcoin to PKR in 2018
In 2018, the world of cryptocurrencies was still in its early stages, and Bitcoin was the leading player in the market. As the first and most well-known cryptocurrency, Bitcoin's value fluctuated wildly throughout the year. In this article, we will take a look at the exchange rate of 1 Bitcoin to Pakistani Rupees (PKR) in 2018 and explore the factors that influenced its value.
Bitcoin's Value in PKR in 2018
At the start of 2018, the exchange rate of 1 Bitcoin to PKR was around ₨2,500,000. This was a significant increase from the previous year, thanks to the massive bull run that took place in December 2017.
However, as the year progressed, Bitcoin's value began to decline. By mid-February, the exchange rate had dropped to around ₨1,500,000. This was largely due to increased regulatory scrutiny and concerns over the environmental impact of Bitcoin mining.
Despite this decline, Bitcoin's value experienced a brief resurgence in April, with the exchange rate reaching ₨2,000,000. However, this was short-lived, and the value continued to decline throughout the remainder of the year.
By December 2018, the exchange rate of 1 Bitcoin to PKR had fallen to around ₨550,000. This was a significant drop from the start of the year, and marked a tumultuous end to a volatile year for Bitcoin.
Factors Affecting Bitcoin's Value in 2018
So, what contributed to the fluctuations in Bitcoin's value in 2018? Here are some key factors that influenced its exchange rate:
Regulatory Uncertainty
In 2018, regulatory bodies around the world were still grappling with how to classify and regulate cryptocurrencies. This uncertainty led to increased scrutiny and uncertainty, which in turn affected Bitcoin's value.
Environmental Concerns
The energy-intensive process of Bitcoin mining came under fire in 2018, with many critics arguing that it was unsustainable and environmentally damaging. This negative publicity contributed to a decline in Bitcoin's value.
Market Sentiment
Market sentiment plays a significant role in the value of cryptocurrencies. In 2018, market sentiment was dominated by fear, uncertainty, and doubt (FUD), which led to a decline in Bitcoin's value.
Global Economic Conditions
The global economy was experiencing a period of uncertainty in 2018, with trade wars and geopolitical tensions contributing to a decline in investor confidence. This, in turn, affected the value of cryptocurrencies like Bitcoin.
Conclusion
In conclusion, the exchange rate of 1 Bitcoin to PKR in 2018 was marked by significant volatility. From a high of ₨2,500,000 to a low of ₨550,000, Bitcoin's value was influenced by a range of factors, including regulatory uncertainty, environmental concerns, market sentiment, and global economic conditions.
