69875
Bitcoin Soars to Record High
Bitcoin Soars to Record High

Bitcoin Soars to Record High

Bitcoin Soars to Record High

Bitcoin extended gains to a record, ignoring a split in the crypto currency over its future. The digital exchange rate jumped as much as 16% from Friday to an unprecedented $3,292.41, even after bitcoin’s division last week.
The debate has revolved around how to upgrade its underlying technology, with a group of developers backing a solution called SegWit2x against miners—some of whom have created an offshoot called Bitcoin Cash—who want to increase the size of data blocks more drastically, Bloomberg reported.
“The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin,” said Aurelien Menant, chief executive officer of Gatecoin Ltd., a crypto currency exchange in Hong Kong, referring to the split. “The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”
At the heart of the dispute is an issue that has dogged bitcoin’s development: as its popularity grew, transactions slowed because of a cap on the amount of data processed by the blockchain. Under SegWit2x, some of that data will be moved off the main network while block sizes will be doubled to 2 megabytes in November—a quarter of that for Bitcoin Cash.
While the first step of SegWit2x has been locked in and the technology will probably be adopted at some point in August, infighting could disrupt the transition.
Still, the price of the original bitcoin has risen. Meanwhile, the price of Bitcoin Cash has plummeted 67% from a record high reached last week, CoinMarketCap data show, bolstering the appeal of its older cousin. For now, Bitcoin Cash still pales in comparison to the original asset: the former has a capitalization of $4 billion, compared with the latter’s $53 billion, according to CoinMarketCap.

 

Short URL : https://goo.gl/j8tnAs
  1. https://goo.gl/TFZ6Z8
  • https://goo.gl/zvbQ63
  • https://goo.gl/wnMMTG
  • https://goo.gl/BvNJ3b
  • https://goo.gl/y4bdK2

You can also read ...

IMF Cautions Kenya on Rising Debt
The International Monetary Fund has cautioned that Kenya’s...
Gold Inches Up as Dollar Dips
Gold prices crept up on Wednesday amid a softer dollar, with...
AT&T-Time Warner Merger Case Politically Motivated
The US Justice Department’s lawsuit to block AT&T’s $85...
All three sides can’t agree on a few key issues.  Top of the list: The manufacturing of cars.
No meaningful progress is being made in NAFTA trade talks...
Mexico Boosts Minimum Wage
The bittersweet news for Mexico’s poorest workers: the...
UK Slashes Growth Projections
Britain slashed its official projections for economic growth...
The rules say that EU countries should have budget deficits below 3% of GDP and public debt below 60% of GDP.
National budgets of six eurozone countries may break the...
Cambodia Sustains Strong Growth
Cambodia’s economy is forecast to grow 6.9% next year,...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus