Economy

Bitcoin tumbles from record after upgrade is called off

Bitcoin tumbles from record after upgrade is called off”

Bitcoin added to losses sustained in the previous session falling to its lowest since Nov.1 as traders continued to abandon their bullish bets after it avoided a split in its underlying software.

The Bitcoin price (BTC/USD) has dipped below $7,000 for the first time since November 2, after experiencing a sharp correction in Friday trading.

However, many of bitcoin's core developers opposed it and most miners and many businesses supported the change.

It means there are still concerns about the speed of the bitcoin network. The hard fork could have succeed if most participants agreed on the proposal, but instead of that, the company faced with the lack of consensus putting the whole network under the risk of splitting.

"You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be", said Chris Burniske, author of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond.

Bitcoin's price has retreated by a significant $600 after reaching a new all-time high recently.

Bitcoin cash, the cryptocurrency that split off from bitcoin earlier this year, jumped against the dollar on Friday.

In contrast to bitcoin, bitcoin cash boasts a block size of 8 megabytes with the ability to process transactions at a faster rate. Bitcoin cash allows for bigger "blocks" of transaction to be processed, speeding up the network. The digital currency has lost 5.1% of its value over the past 24 hours, according to data from cryptocurrency tracker Coinmarkecap. "If the Bitcoin community doesn't come to a consensus about how to scale the network soon, it may run into congestion, in which case people will need an alternative". The analysts say that both options are possible, it still remains to be seen.



Like this

Latest


10 November 2017
Teva Pharmaceutical Industries Ltd (ADR) (TEVA) EPS Estimated At $1.05
Capital Research Global Investors lifted its position in Teva Pharmaceutical Industries Limited by 13.8% in the second quarter. The simple moving average is a mathematical calculation that takes the average price (mean) for a given amount of time.

10 November 2017
South Korea 2 Colombia 1: Son shines to give Shin first win
Colombia will play at China on the same date. "I didn't see that gesture and I can not comment on that", he told reporters . It all started when Colombia's James Rodriguez picked up Jin-Su Kim after Kim was fouled.

10 November 2017
Bellator eight-man heavyweight tourney to include Fedor Emelianenko, Chael Sonnen
Sandwiched in between that run was a one-off UFC return in 2015 when he defeated Fabio Maldonado. These are iconic names, big brands". - Quinton Jackson via official Bellator press release.

10 November 2017
Facebook gets local with updated events app
You can also recommend places you've been so your friends can see them, and respond to Facebook event invites through the app. Local is a little different and seems to be focused more on finding things to do in the moment.

10 November 2017
Nordea Investment Management Ab Increased By $3.61 Million Its Bank Of New York Mellon (BK) Holding; First
Nordea Investment Management Ab decreased Amazon.Com (NASDAQ:AMZN) stake by 2,335 shares to 157,154 valued at $152.13M in 2017Q2. The stock of Bank of New York Mellon Corp (NYSE:BK) earned "Overweight" rating by Barclays Capital on Tuesday, January 3.

10 November 2017
Stock Check For S&P 500 Healthcare Sector SPDR (XLV)
Looking closer at shares of S&P 500 SPDR (SPY), we have recently noted that the Ultimate Oscillator reading is now above 60. As a momentum indicator, the Williams R% has the ability to be used with other technicals to help define a specific trend.

10 November 2017
Bigg Boss 11: Sabyasachi Satpathy becomes the new CAPTAIN of the house
The Bigg Boss then announces the task for the Captiancy of the house that will be held between Sabyasachi, Bandgi and Aakash. Mehjabi and Shilpa are on Sabyasachi's side while Hina will instigate Priyank and Luv to break Bandgi and Akash's eggs.

10 November 2017
Noteworthy Buzzer: SRC Energy Inc. (SRCI)
The Firm has ATR of 0.42 that is explaining range of a day's trading is high-low; ATR expands it to yesterday's closing price. Allegheny Technologies Incorporated ( ATI ) holds the market capitalization of $2.59B along with 108.40M outstanding shares.

10 November 2017
Stocks to Keep Your Eyes on Dynavax Technologies Corporation (NASDAQ:DVAX)
The Company is focused on leveraging the body's innate and adaptive immune responses through toll-like receptor (TLR) stimulation. Legal & General Group Plc grew its holdings in Dynavax Technologies Corporation by 18.5% during the 2nd quarter.

10 November 2017
Inside the Mind of OC John Morton
Following a loss to the Falcons the previous week, Forte criticized the coaching staff for not running the ball enough. Aside from Forte's comments, there was no reason for the Jets to suddenly commit to the run against Buffalo.



Recommended