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Bitcoin Above $4,000, Bitcoin Gold and the Looming Hardfork

September 27, 2017 at 18:13 by Daniel Green

steady stream of bullish news events and articles has been rapidly surfacing in these past few days, both from mainstream and alternative media respectively. It is reasonable to assume that this new onslaught has helped with the latest rise in bitcoin’s price, which is now hovering ever so closer to the $4,100 price level.

We also have a date for the ensuing newfangled bitcoin hardfork, October 25. The new offshoot currency is to be dubbed bitcoin gold, and could spearhead a new bull run in the crypto currency markets. More details are still forthcoming though, especially concerning the block height and numerous other technical network specifications.

The overall market cap has recovered to a degree since the sub $3,000 crash. At over $163 billion, there is still more room for growth. In case we do actually end up reaching, and blasting past $5,000, a $200 billion market cap may not end up being that far-fetched within the next few weeks. In the meantime, ethereum has managed to creep back up to $300, with Zcash not too far behind as well. Bitcoin cash has been neighboring $450, with some minor price fluctuations attracting the interest of day-traders.

China’s prohibition has caused a massive spike in traffic on local p2p trading platforms. The ban on ICOs coupled with the exchange shutdowns is forcing users to adapt. Localbitcoins has apparently, started to reap a good chunk of the rewards from all of the recent Chinese regulation, that has attracted a barrage of negative media coverage.

Korea is not too far behind in this regard, with regulatory agencies conducting on-site inspections of all crypto currency service providers, including most local bitcoin exchanges.

Michael Novogratz, head of Galaxy Investment Partners and former macro hedge fund manager at Fortress Investment, was interviewed in a Bloomberg article, touting and talking up the pros and cons of bitcoin trading. Incidentally, there was mention of a new $500 million investment fund that will be primarily dealing with digital crypto currency assets such as bitcoin and ethereum. A second article from the same media giant also delved into the correlation between copper and bitcoin, indicating the Chinese clampdown as one of the main reasons for the new interdependence.

Mario Draghi, president of the European Central Bank, has gone on record, citing that conventional institutions and monetary mechanisms, are not able to effectively regulate crypto currencies. Similar criticism was directed toward the Estonian government more than a month ago, specifically in regards to their new e-residency program and supposed ico proclamation. However, news relating to the “estacoin” ended up being inaccurate, and has been denied as factual by numerous media outlets such as the Nordic business insider and Cryptocoinews.

Bitcoin began trading from the $3,514 weekly low on September 22 (GMT 16:00). An increase in volume pushed the price higher to $3,811.03, during the next day (GMT 13:00), before the price bottomed out one last time at $3,614 on September 24 (GMT 08:00). The remainder of the week saw the continuation of this ascending trend, and the price of bitcoin was slightly below $4,100 at the time of writing.

If you have any questions and comments on bitcoin today, use the form below to reply.

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