Bitcoin ascended over $1000 after losing almost a third of value
Bitcoin surged on Monday, recovering more than $1,000 after losing almost a third of its value in less than four days as traders bought back into the volatile cryptocurrency.
Bitcoin tumbled in the second half of last week, falling as low as $5,555 on the Luxembourg-based Bitstamp exchange on Sunday, a slide of almost 30 percent from a record high just shy of $7,900 on Wednesday.
It rebounded on Monday, trading up more than 14 percent on the day at $6,718, though that was still more than $1,000 less than last weekâs record high.
Market-watchers said the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called âforkâ - a move that had initially had a positive impact on the digital coin, sending it to a record high of $7,888 on the view that this marked a resolution of a long-term dispute.
But some were disappointed that âSegwit2xâ fork had been abandoned. It would have increased the capacity of the âblocksâ transactions are processed in, thereby reducing competition to get payments processed and lowering transaction fees.
Bitcoin Cash tripled in value at the end of the week as bitcoin slid, reaching an all-time high just below $2,000 on Sunda and briefly overtaking Ethereum as the worldâs second-biggest cryptocurrency.
