Bitcoin Steadies After Biggest 3-Day Free Fall in Over Two Years

Written by:
Guest
Published on:
Mar/20/2017

(Reuters) - Bitcoin regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the digital currency on worries about its future.

Having soared to an all-time high of $1,350 BTC=BTSP on the Bitstamp exchange on March 10, on speculation that regulators could approve the first U.S. bitcoin exchange traded fund the following day, the digital currency then slipped back.

Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But bitcoin recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 percent to roughly $1,050 by 1815 GMT.

Bitcoin experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that bitcoin transactions are processed in, so as to make sure there are no delays in transactions being finalised.

"The bitcoin scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of digital currency analysis website Crytocompare, in London.

At the same time that bitcoin was plunging, a newer, rival "cryptocurrency" was soaring: ether. The digital currency behind Ethereum - a project that some experts say holds more potential than bitcoin - has almost tripled in value this month, jumping to record highs of around $45.

Some experts said traders were selling bitcoin and buying ether, which was exacerbating the falls in the original cryptocurrency.

"Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that bitcoin saw in its early days," added Hayter.

U.S. regulators dashed Cameron and Tyler Winklevoss's bitcoin ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the digital currency.

Business/Financial News

Atari Will Use Cryptocurrency to Bolster its Online Gambling Business

Atari Will Use Cryptocurrency to Bolster its Online Gambling Business

Atari's stock jumped 51% on the news Friday that it had planned to unveil its own cryptocurrecy. 

Total Crypto Market Cap Back Over $500 Bln

Total Crypto Market Cap Back Over $500 Bln

Following a dreadful start to the month, most cryptocurrencies, Bitcoin included, have been rebounding nicely over the past few days.

Bitcoin Finally Climbs Back Above $10K Mark

Bitcoin Finally Climbs Back Above $10K Mark

The price of cryptocurrency Bitcoin finally rose above the $10,000 mark for the first time since the early hours of February 1.

Why Bookies Need A Sportsbook Management Software?

Why Bookies Need A Sportsbook Management Software?

Are you an online bookie still debating becoming an agent? Pay per head software allows online bookies to continue to thrive in a heavily competitive market. Find out why online bookie agents are making more profit than the average bookie.

Tips To Win Money & Bitcoin Playing Roulette Online & On The Go

Tips To Win Money & Bitcoin Playing Roulette Online & On The Go

Roulette is no doubt one of the most popular online casino games. It is found in plenty at land-based casinos, and the same can be said of online stores.

Syndicate