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Bitcoin steadies after biggest three-day tumble in over two years

Bitcoin hit a five-week low of $944.36 on Saturday

Reuters  |  London 

Bitcoin
Bitcoin. Photo: Reuters

regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the on worries about its future.

Having soared to an all-time high of $1,350 on the Bitstamp exchange on March 10, on speculation that regulators could approve the first US exchange-traded fund the following day, the then slipped back.

Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 per cent to roughly $1,050 by 1815 GMT.

experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that transactions are processed in, so as to make sure there are no delays in transactions being finalised.

"The scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of analysis website Crytocompare, in London.

At the same time that was plunging, a newer, rival "cryptocurrency" was soaring: ether. The behind Ethereum - a project that some experts say holds more potential than - has almost tripled in value this month, jumping to record highs of around $45.

Some experts said traders were selling and buying ether, which was exacerbating the falls in the original cryptocurrency.

"Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that saw in its early days," added Hayter.

US regulators dashed Cameron and Tyler Winklevoss's ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the

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Bitcoin steadies after biggest three-day tumble in over two years

Bitcoin hit a five-week low of $944.36 on Saturday

Bitcoin hit a five-week low of $944.36 on Saturday

regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the on worries about its future.

Having soared to an all-time high of $1,350 on the Bitstamp exchange on March 10, on speculation that regulators could approve the first US exchange-traded fund the following day, the then slipped back.

Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 per cent to roughly $1,050 by 1815 GMT.

experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that transactions are processed in, so as to make sure there are no delays in transactions being finalised.

"The scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of analysis website Crytocompare, in London.

At the same time that was plunging, a newer, rival "cryptocurrency" was soaring: ether. The behind Ethereum - a project that some experts say holds more potential than - has almost tripled in value this month, jumping to record highs of around $45.

Some experts said traders were selling and buying ether, which was exacerbating the falls in the original cryptocurrency.

"Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that saw in its early days," added Hayter.

US regulators dashed Cameron and Tyler Winklevoss's ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the

image
Business Standard
177 22

Bitcoin steadies after biggest three-day tumble in over two years

Bitcoin hit a five-week low of $944.36 on Saturday

regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the on worries about its future.

Having soared to an all-time high of $1,350 on the Bitstamp exchange on March 10, on speculation that regulators could approve the first US exchange-traded fund the following day, the then slipped back.

Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 per cent to roughly $1,050 by 1815 GMT.

experts said its steep losses were driven by a longstanding, and intensifying, row over whether - and how - to increase the capacity of the "blocks" that transactions are processed in, so as to make sure there are no delays in transactions being finalised.

"The scaling debate is a risk for the network and highlights core issues in terms of governance and this is where more nimble crypto competitors see advantages in fleshing out their capabilities sooner," said Charles Hayter, CEO of analysis website Crytocompare, in London.

At the same time that was plunging, a newer, rival "cryptocurrency" was soaring: ether. The behind Ethereum - a project that some experts say holds more potential than - has almost tripled in value this month, jumping to record highs of around $45.

Some experts said traders were selling and buying ether, which was exacerbating the falls in the original cryptocurrency.

"Traders in the space are looking for better returns in the more risky and nascent cryptos such as Dash, Monero and Ethereum (and are) looking to replicate the extraordinary returns that saw in its early days," added Hayter.

US regulators dashed Cameron and Tyler Winklevoss's ambitions earlier in the month by rejecting their application to list an exchange-traded fund linked to the

image
Business Standard
177 22