- The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
- Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
- Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
- Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
- Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.
As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”
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- Bitcoin has crashed by more than a fifth after plans to alter the underlying technology were abandoned, leading some to embrace a rival cryptocurrency.
- The price of one bitcoin dropped from a high of over $7,800 (£6,000) last Wednesday to just over $5,500 on Sunday morning, a drop of 29pc in four days.
- By Monday morning it had recovered slightly to trade at $6,400, 21pc down from last week’s peak.
- The fall comes after proposals to upgrade the bitcoin network in an attempt to increase the speed of transactions were shelved last week amid floundering support.
- The so-called “SegWit2x” proposals, supported by leading online exchanges, were designed to make bitcoin more efficient.
Bitcoin has crashed by more than a fifth after plans to alter the underlying technology were abandoned, leading some to embrace a rival cryptocurrency.
Continue reading “Bitcoin price drops 29pc in four days”
- A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.
- The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap.
- Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.
- Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.
- In response to a Twitter user that questioned the dominance of bitcoin, Buterin said: “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.”
Bitcoin cash rallied after plans for a “hard fork” in the original bitcoin blockchain were called off.
Continue reading “A bitcoin spin-off briefly replaced rival digital coin ether as the second-largest cryptocurrency”
- Developers for the project, dubbed bitcoin gold, published software for the breakaway cryptocurrency today, releasing the code on GitHub as well.
- Aimed at blocking the use of specialized chips for mining, the project revealed last week it was eyeing a formal launch on Sunday, weeks after it first initiated a split from the main bitcoin blockchain.
- As such, the launch caps a lengthy period of development for the cryptocurrency, which follows bitcoin cash, a near $30 billion network that split off from bitcoin earlier this summer.
- Bitcoin gold also represents the latest instance of an “airdropped” cryptocurrency forked from the main bitcoin chain, which is distributed to anyone who owned bitcoin at the time of the split.
- Now, public mining for the cryptocurrency has begun, with several mining pools opening up in coordination with the launch.
Bitcoin gold, the latest fork of the bitcoin blockchain, is officially live after a rocky start.
Continue reading “Bitcoin Gold Goes Live After Bumpy Blockchain Launch”
- The new offering, which HPE launches Friday, is billed as “blockchain as a service,” and it’s unique in that it offers major enterprise customers, such as banks, the ability to use the technology on a larger scale than is currently possible with popular blockchains like Bitcoin and Ethereum.
- The company said it would begin selling its Mission Critical distributed ledger technology, or DLT, publicly starting next year, providing the hardware for enterprises that want to run their own blockchain operations or working with clients to implement blockchain in the cloud.
- HPE’s version, on the other hand, built around the Corda ledger–a bank-suitable blockchain alternative developed by the financial consortium R3–keeps the records private, so parties can only see their transactions with an authorized counterpart.
- HPE would not name the clients it has landed so far, but other Fortune 500 companies including and last month launched their own blockchains for processing payments without the swipe of a credit card or other traditional means.
- To make blockchain feasible for airplane data, manufacturers’ supply chain records and potentially central bank payments, though, requires “certain functions that meet a level of mission criticality” including speed and privacy: “You’re betting your business on this distributed ledger thing, this blockchain thing,” Davison says.
“We believe blockchain will be as fundamental to technology as the Internet.”
Continue reading “HPE Will Now Sell ‘Blockchain 2.0’ for Cars, Banks and Planes”
- Bitcoin fell Friday to its lowest since Nov. 1 as traders bet on its offshoot, bitcoin cash, instead.
- Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers decided to implement an upgrade in an effort to increase transaction speeds for the digital currency.
- Investors at the time of a bitcoin split technically receive equal amounts of the offshoot currency.
- Disagreements over upgrade proposals have caused uncertainty over the future of bitcoin, but some traders had been buying bitcoin ahead of splits in order to benefit from a payout of a new digital currency and a potential relief rally in bitcoin following the split.
- The digital currency’s price is up seven times this year and in a sign of growing interest from institutional investors, the world’s largest futures exchange, CME, is planning to launch bitcoin futures by the end of the year.
Bitcoin price sinks as traders bet on its offshoot, bitcoin cash.
Continue reading “Bitcoin plunges after upgrade is called off, but offshoot ‘bitcoin cash’ surges more than 40%”