Bitcoin’s price has reversed course after reaching the $11,000 barrier two days ago. At 13:43 UTC, the price of a single bitcoin was $10,909.23, a 2.98% decrease from the previous day’s price. It was trading at $10,770.80 earlier this morning.
The price of bitcoin fell for no apparent reason. As of this writing, other cryptocurrencies have followed bitcoin’s example and were in the red. Their trade volumes decreased, but bitcoin’s increased to account for 40% of all cryptocurrency trading across exchanges.
The largest loss was Bitcoin cash, a cryptocurrency whose cheap transaction costs were momentarily topped by bitcoin. It was selling at $1,404.95 at 13:53 UTC, down 8.06% from the previous day’s price.
Litecoin was another victim. Its value increased by about 14% in only a few hours Tuesday morning after the cryptocurrency’s blockchain experienced a hard split. (See also: Litecoin Price Increases by 32% Following LitePay News.) But this Wednesday morning is different: the price of Litecoin has lost all of its gains. At 14:00 UTC, the price of a single litecoin is $221.98, a 9.32% decrease from the previous day’s pricing.
As of this writing, the total market capitalization of cryptocurrencies is $475.3 billion. This statistic has dropped by 7% in the previous 24 hours.
Here’s a quick rundown of some recent occurrences that may or have influenced the price of bitcoin.
Coinbaseand Bitfinex Implement SegWit
Two large bitcoin exchanges have announced the use of SegWit for transaction processing.
Coinbase, North America’s biggest cryptocurrency exchange, said yesterday that it will begin implementing SegWit this week. By the middle of next week, all of its clients will have access to SegWit transactions. (Also see: Coinbase To Integrate SegWit: What It Means For You.)
Bitfinex, the world’s fourth biggest exchange by trading volume, has also adopted the functionality. “By adopting SegWit addresses, Bitfinex solves three of the most pressing issues among crypto enthusiasts: transaction fees, transaction speed, and overall network capacity,” said Paolo Ardoino, Bitfinex CTO.
By raising block size, SegWit improves transaction speeds and decongests the bitcoin network. As a result, transaction costs are projected to fall, boosting bitcoin’s growth. According to Ardoino, SegWit deployment will result in transaction costs that are up to 20% cheaper.
Following the recent Coincheck breach, Japanese cryptocurrency exchanges have banded together to create a new self-regulatory body. The exchanges were formerly members of the Japanese Blockchain Association and the Japan Cryptocurrency Business Association. Both groups made their own regulations and were not supervised by the Financial Services Authority (FSA), which is in charge of overall sector regulation. The new group will only accept exchanges that have been authorized by the FSA as members. Should Cryptocurrency Exchanges Self-Regulate?
Meanwhile, the state of Wyoming in the United States has adopted two measures to promote blockchain and cryptocurrency enterprises in the state. In addition, the Israeli Tax Authority issued a circular declaring that cryptocurrency would be taxed as property. Their position is comparable to that of the Internal Revenue Service, which defines coins similarly.
Dark Pools For Cryptos?
Republic Protocol, a Singapore-based business, has funded $33.3 million for cryptocurrency dark pool trading away from exchanges, according to a WSJ story.
The pool, according to Taiyan Zhang, the company’s 21-year-old founder, would increase bitcoin trading volume and catch $9 billion in cryptocurrency trading monthly. This implies that it should have little impact on bitcoin pricing. As of this writing, the daily trade volume for bitcoin is $11 billion. (See also: An Overview of Dark Pool Trading.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author holds a minor quantity of bitcoin as of the day this article was published.
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