Bitcoin tumbles; Sydney House Prices cool down
Bitcoin tumbles: While 2017 mapped an upward movement for Bitcoin, investors of the recent favourite cryptocurrency were knuckled down as the new year opened to the fears of having bitcoin on the crash mode with the currency witnessing an extended slide from the high of over $US19,500 in December to be over $US13,000 In January 2018. Bitcoin tumbled at the beginning of the new year in comparison to last year and this fuelled the volatility associated with cryptocurrencies. Bitcoin started trading as futures contracts on Wall Street lately, and the current position has linked Bitcoin with investors going in for short-positions in the currency. In November 2017, the cryptocurrency had touched new highs of $US7,000, $US8,000 and $US9,000, up about 900% in just nine months of 2017, while the Reserve Bank of Australia had made it clear that bitcoins will not be used for making payments and settlements for now. Whether or not 2018 would bring the fading away of the outlook, is yet to be seen, while investors have been looking for stocks that relate to the foundation blockchain technology instead.
Sydney House Prices cool down: At the domestic level, Sydney house prices have been slated to fall up to 10% in the coming two years. This prediction comes from the Corelogic team as the market steps into the second day of new year. Corelogic’s December Home Value Index has revealed that Sydney property values slipped 0.9% in the month of December, and indicated a 0.3% fall nationally in values while the prospect of lower to negative growth rates has been kept in mind. As a result, national dwelling values are just 4.2% up in 2017, which is below the 5.8% figure of 2016.
The next 24 months might see Sydney’s property values falling between 5 to 10% while situation at Melbourne is seen to be better at the back of affordability issues and tighter credit policies in investor-exposed Sydney region. Thus, investors might want to remain wary of the trend before putting the money in Sydney.
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