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Bitcoin Price & Segregated Witness News

June 16, 2017 at 23:36 by Daniel Green

The bitcoin price has managed to recover above $2,500 on Bitstamp, a considerable increase from the prior weekly low of $2,120. This is a substantial gain of almost 20% in just the past 24 hours. All trading has since oscillated around the $2,500 level and despite the relative quick recovery, Bitstamp volume appears to be wavering.

The previous pitchfork has been completely invalidated and the passing day of market activity points to a dead cat bounce. However caution is advised since the current rising trend may continue, especially if there is a larger bump in buying volume.

Present bitcoin price swings seem to be norm, especially when the ongoing scaling debate is taken into account. BIP148 & USAF are two propositions that have garnered the most media attention in addition to segwit opposition spearheaded by Bitmain and Chinese miners. Although there are two segwit proposals which are different in nature, their intent is the same, to activate segregated witness this summer.

A positive resolution of future bitcoin scaling is essential for further growth of crypto currencies in general but there is a still a risk of an eventual split of the community and could result in two or more separate bitcoin chains emerging. This is quite similar to the now present division between ethereum and etherum classic, which also had its share of controversies as well as drama.

Although there are numerous intricacies to the whole debate, coin dance does seem to actively track and provide the most detailed information when it comes to supporters of the 4 main proposed solutions to ongoing scaling dispute.

Bitcoin started trading on June 16 at $2,304.87 (GMT 00:00 – Bitstamp) and rose at one point to a new daily high of $2,538.95 (GMT 20:05). Trading was primarily restricted to a range between $2,398.93 and the previously mentioned daily high. The closing price on Bitstamp for the day was $2.481.71 (GMT 23:59).

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