Bitcoin price began the week riding a swell that began during the late hours of Sunday evening, registering a high of $1,063 on the Bitstamp Price Index (BPI).
The uncertainty and ongoing debate surrounding bitcoin’s scalability solutions with Segregated Witness or SegWit and Bitcoin Unlimited has contributed to significant volatility in the price of the cryptocurrency in recent days.
A hardfork statement toward the end of last week by 18 major bitcoin exchange revealed a contingency plan of listing Bitcoin Unlimited as an alternative cryptocurrency, with its own token. In the immediate aftermath of the collective stance, bitcoin sunk to a 30-day low, losing nearly a fifth of its value as price struck a low of $938 on Saturday.
Bitcoin prices largely lingered below $1,000 till Sunday afternoon, before signs of a recovery. BPI data shows bitcoin price reaching $998 at 15::30 on Sunday, before gaining $30 over the next hour. The swell stuck, rising to a high of $1063 at 20:00. While it’s still too early to tell if $1,000 is the new support level, price tailed off briefly toward $1,010 in the early hours of Monday.
At 09:00, bitcoin price stood at $1,011.72 before a busy period of trading helped price reach a high of $,1053 at 13:15 on Monday. At the time of publishing, trading has remained steady with price hovering at $1,047.
March continues bitcoin’s dramatic year in 2017, beginning the month with a then all-time high of $1,230 and surpassing parity with gold. By the end of the first week this month, bitcoin exceeded $20 billion in market cap, before briefly taking a dip to $1,150 after Chinese exchanges postponed the halt of bitcoin withdrawals indefinitely.
Chart from TradeBlock.
On March 10, bitcoin rose to an unsustainable all-time high of $1,350 in the lead-up to the SEC’s bitcoin ETF decision, before crashing below $1,000 in the aftermath of the rejection.
At press time, bitcoin is just below $1,050 on average at the major exchanges but the recent volatility is expected to continue as the hardfork debate about scaling solutions between SegWit and Bitcoin Unlimited rumbles on.
For a live Bitcoin Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Swamp waters image from Shutterstock. Chart from Bitcoin Wisdom.
Finnish Police Launch OneCoin Investigation Amid Global Crackdown
Police in Finland have launched an investigation into OneCoin, a digital currency scheme widely considered to be fraudulent.
Local reports indicate that Finnish authorities are currently looking in
Snip’s Decentralized News Revolution
Online content is a broken system. Quality content gets buried beneath mountains of biased articles, clickbait, and stories that are too long to read in one sitting. Consequently, readers cannot easil
Binance Co-founder He Yi: Do Not Follow Suit and Hold Your Bitcoin
August 23th, Binance announced to open trading of MCO and ICN today. In the past few days, Binance opened trading of DNT, which was popular in the ICO market. Until today, Binance has listed 18
Segwit2x Developers Label Controversial Bitcoin Code 'Production Release'
The code for the controversial bitcoin scaling proposal Segwit2x is nearing completion.
At least, that's what BitGo CEO and project leader Mike Belshe has claimed in new a mailing list update.
Datum Turns Data into a New Asset Class and Plans to Launch the First Decentralized Data Marketplace in 2018
Internet applications play a very important part in our everyday life. Given the number of applications and the critical role they play in various settings have made it necessary for the creation of
Cash is useless in Venezuela thanks to hyperinflation — so people are turning to bitcoin
As Venezuela suffers its worst meltdown in history, with inflation skyrocketing and basic necessities running in short supply, many have taken to bitcoin mining in a bid to survive, according to a
Ethereum Price Technical Analysis – ETH/USD Might Extend Correction
Ethereum price is correcting lower against the US Dollar against Bitcoin. ETH/USD has to remain above $308 in order to bounce back. There was a decent upside move in ETH price above the $321 level
Bitcoin Price Technical Analysis for 08/24/2017 – Uptrend Line Still Holding
Bitcoin Price Key Highlights Bitcoin price is still moving above its ascending trend line that has held since mid-July but there are signs that the uptrend is weakening. Technical Indicators