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New $7,500 BitStamp All-Time High, SegWit2x, and Other Miscellaneous Fork Events

November 3, 2017 at 18:48 by Daniel Green

With two new all-time highs in just the last 24 hours, bitcoin does seem to be showing signs of slowing down today. The current $7,500 all-time high is set as the next new pre-rally resistance level, with the $5,646.18 weekly low, now sticking out among the many available support levels. The previous $7,350 all-time high has failed to stand firm as a support, and yesterday’s $6,700 daily low will need to cushion future volatility, if the latest trading range is to hold during weekend trading.

Total crypto currency market capitalization has crossed over $200 billion, and bitcoin is dominating 61.4% of this wider market. This is a substantial increase from the June low, when the first crypto currency briefly hovered around a 37.81% market dominance.

MIT Technology Review just released an interesting article on the bitcoin community, drawing parallels and commenting on how it somewhat relates to a religious experience for many of its users.

The State Bank of Vietnam, Vietnam’s central bank, has completely banned and deemed the use of crypto currencies illegal. This was preceded by the Indonesian Central Bank outlawing bitcoin just a few days earlier. However, so far both of these developments do not seem to be affecting the price of bitcoin as of yet.

Some confusion has surfaced regarding the ensuing forks and auxiliary events. But for today, we only need to watch out for the OKEX BCH futures listing. OKEX has been quite active with recent coin releases, and there are many other interesting crypto currency derivatives, that seem to have taken the center stage with the site’s rather diverse user base. BitPay has also been rumored to be adding bitcoin cash in the near future.

Furthermore, November 13 is determined as the juncture of the BCH hard fork, and should be marked down as an important date as well. The rise of the bitcoin cash price was the main catalyst for this radical move. The primary focus will be on repairing the presently broken difficulty adjustment, that is causing a plethora of problems for miners.

The SegWit2x bitcoin fork is estimated to occur before November 15, and apart from the bicoin silver December fork (which some in the crypto community are technically calling an airdrop), there is the impending Coinbase release of bitcoin cash, support for the currency is expected no sooner than January 1.

The Bitcoin Investment Trust (GBTC) is garnering a lot of attention these last few days too, with stellar price performance being fueled by bitcoin’s explosive growth and speculation, in addition to the expansive mainstream media coverage on all things crypto.

Bitcoin began trading from the $6,337.1 daily low on November 1 (GMT 04:00). After a stellar run-up, a new $7,500 all-time high was recorded on November 3 (GMT 09:00). The price has retracted since then, and was keeping above $7,312.44 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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