Bitcoins that gained huge frenzy last year on the back of mind-boggling returns of as much as 20 folds started the new year with a declining trend for the first time since 2015.

The digital currency after reaching the highs of US$ 19,666 on Luxembourg-based Bitstamp exchange as on December 17 is seen to trend southwards mainly due to warnings by some of the bitcoin exchanges.

The currency was trading at US$ 13,624 in New York on the first day of the New Year and is trading mixed in early trading hours on Asian exchanges today.

Bitcoin ended the year 2017 with 1300% gains and this massive surge led to the introduction of futures contract in the virtual currency. The derivatives contract further fuelled rally in it to levels of US$ 19,666 that is expected to boost short-position in the bitcoins contract.

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