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November 14, 2017

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Bitcoin recovers loss of over US$1,000

Source: Agencies | 00:01 UTC+8 November 14, 2017 | Print Edition

BITCOIN surged yesterday, recovering over US$1,000 after losing almost a third of its value in less than four days as traders bought back into the volatile cryptocurrency.

Bitcoin tumbled in the second half of last week, falling as low as US$5,555 on the Luxembourg-based Bitstamp exchange on Sunday, a slide of almost 30 percent from a record high just shy of US$7,900 on Wednesday.

It rebounded yesterday, trading up above 14 percent on the day at US$6,718, though that was still more than US$1,000 less than last week’s record high.

Market-watchers said the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called “fork” — a move that had initially had a positive impact on the digital coin, sending it to a record high of US$7,888 on the view that this marked a resolution of a long-term dispute.

But some were disappointed the fork had been abandoned. It would have increased the capacity of the “blocks” transactions are processed in, thereby reducing competition to get payments processed and lowering transaction fees.

Consequently, analysts said, some of those who see low fees as vital to the future of bitcoin were selling it for a clone called Bitcoin Cash that spun off from the original in August.

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