BITCOIN DIARY: Bits and pieces after the great market wobble
We had the swings and now we have the roundabouts as Bitcoin corrects. And US regulatory and enforcement actions are starting to mount up
It finally happened, a wild swinging weekend. Bitcoin adjusted after several weeks of stratospheric rises, falling from a peak of over US$7,500 (November 8) to a trough of under US$5,600 (November 12) before rebounding into the US$6,500 range - which was its all-time high on October 31.For ZA holders watching the rand value, the ride was from a top around the R122,000 mark and a low around R93,000 per coin. But wait. While Bitcoin tanked, Bitcoin Cash, the upstart that branched off a few months ago in the August fork, shot up by 48%. Investopedia on the swings and roundabouts: As has mostly been the case with bitcoin’s price in recent months, the jury is still out on the causes for Bitcoin Cash’s surge. However, most accounts seem to point to the bitcoin developer community's decision to call off a fork in bitcoin’s blockchain that was set to increase the original coin’s block size by 1 MB to 2 MB. The contentious fork would have increased block size and would have speeded up trans...
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