[2017-11-14] Bitcoin price LIVE update: Bitcoin makes dramatic comeback after...

[cybersofts]

Bitcoin price LIVE update: Bitcoin makes dramatic comeback after CRASHING over weekend



Bitcoin made huge surges in just 12 hours today as dramatic trading saw the cryptocurrency regain £7.6 billion ($10 billion) in its value after heavy losses over the weekend.

Bitcoin rallied 11 per cent in just over half a day to trade back above $6,000.

The digital currency started trading at $5,857.32 on Monday and rose nearly 15.6 percent to a session high of $6,770.37, according to data from industry website CoinDesk.

The resurgence in the online currency followed a dramatic crash in the value of Bitcoin over the weekend when a sell-off was sparked by developers calling off plans to implement the SegWit2x upgrade to the bitcoin network.

Bitcoin's market capitalisation, or the total value of all the virtual coins in circulation, rose over $10billion in the same time period, according to industry website Coinmarketcap.com.

Recently there has been dramatic trading in Bitcoin and only last week it hit a record high of  $7,879.06 that was attributed to factors including CME Group announcing plans to offer bitcoin futures contracts, and some favourable regulation in countries like Japan, which has legalised bitcoin as a method of payment.

Earlier this year, bitcoin's underlying blockchain technology split in a process known as a "hard fork".

This happened twice, causing the creation of two new cryptocurrencies: bitcoin cash and bitcoin gold.

Bitcoin fell to as low as $5,555 on Sunday in a weekly fall of 22 per cent, its biggest since early July as some traders dumped it for a clone called Bitcoin Cash.

But Bitcoin cash has also suffered a similar fate, despite soaring to a record high on Saturday.

Some sceptics have called Bitcoin’s rapid advance a bubble but the digital currency has become too big for many to ignore.

As of 2pm on Monday, November 10, Bitcoin’s current price was £5221.12.

Bitcoin Cash’s price is £878.01, down 28 per cent.

Even after shrinking by as much as $38billion (£29bn) since Wednesday, the cryptocurrency boasts a staggering market value of $101bn (£77bn).


Source: https://www.express.co.uk/finance/city/878869/Bitcoin-price-cash-live-news-update-crash-cryptocurrency-fork-value-USA-chart

[iamTom123]

This can go down in the Bitcoin history as one of its many dramatic crashes (if we can call it as a crash, anyway) and the story behind the fall can be subject for many analysis and opinions for some days. One thing for sure is that we are indeed bringing in our human nature into the dynamism of Bitcoin and the whole cryptocurrency markets. We are showing the the whole world how vested interests can win the day and can possible cripple a thing we all work for and admire greatly. All in a sudden, many Bitcoin holders feel that it was time to jump the ship and shift to BitcoinCash. Sadly, this can be the big reality for Bitcoin for the next few months as the dust has not yet fully settled on the floor and just like a big earthquake we are prone to have many aftershocks soon. Which coin can be the real winner in this saga? Well, only time can tell but since I am fully biased for Bitcoin then I am staking my reputation that the original coin will come up stronger and the winner. But then again, do we really need a civil war here? Can we not have the two coins existing side by side peacefully?