Bitcoin enjoyed large gains over the week, breaking the all-time high numerous times, and peaked at $3934.00 on the Bitstamp exchange during August 12’s trading session. At the time of writing, the price of bitcoin is at $3867.84, up over six percent on the day. The recent price rise also brings the cryptocurrency above the three thousand threshold in British Pound and Euro terms.
It seems that bitcoin is gaining a reputation for being a safe haven asset, with mainstream media noting the negative correlation between bitcoin and global stocks amidst increased tension on the geopolitical stage. With few economic events or data releases, Trump’s actions, or words, were most likely overemphasized in markets over the past week, with the market eagerly looking for any new information.
Bitcoin’s rally is also boosted by the lock-in of SegWit, a scaling proposal and transaction malleability fix. While, on the the other hand, Bitcoin Cash experienced some problems with transaction malleability with exchanges and one of the developers committed to finding a non-SegWit solution to the problem. The hype and hysteria from the split has faded and the dust has settled; the teams will diverge and is healthy for
Read more ... source: BTCManager
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