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Despite hitting its lowest price since November 2017, Ms Wells said bitcoin price should increase again.

Bitcoin price hit a new low for 2018 over the weekend, sinking to $5,938.17 on Friday evening, according to Coindesk.

Speaking to Express.co.uk from the CryptoCompare & MJAC London Blockchain Summit, Ms Wells said: “We are seeing slightly less volatility at the moment.”

Claire Wells, Director of Legal and Business Affairs at mobile payment company Circle, said a bitcoin price increase is likely but cryptocurrency regulation could play a key part.

We are seeing slightly less volatility at the moment

She said: “Prices are down and trading is down but I think the price will increase again over the next few months and I think a lot of people are waiting to hear how regulation is thinking about it.”

Fintech company Circle plans to make a digital version of the US dollar in hope of solving the high volatility levels surrounding cryptocurrencies.

The tech start-up will be launching a new cryptocurrency pegged to the dollar where customers will be required to hold $1 for every USD coin in an effort to keep the price stable.

Ms Wells said a cryptocurrency price rise is “inevitable”. She said: “I wouldn’t necessarily want to put a price tag on or a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable.”

Bitcoin price stood at £6,173.04 at 17:30 (BST) on Tuesday, according to CoinDesk. It saw its highest price before Christmas when it almost hit $20,000.