Finally! Bitcoin is back above $1000!
After reaching its newest highest price, Bitcoin’s celebration was cut for a while as SEC rejected Bitcoin’s ETF. This led to a sudden massive fall on Bitcoin’s price. But after weeks of its continuous fall, Bitcoin is back in the game!
Bitcoin rose back over $1,000 last night after it lost nearly a fifth of its value over the weekend.
The cryptocurrency fell to a low of $943.06 over the weekend as a split in its developer community threatened its future.
The currency was trading at $1,019.05 this morning compared with highs of more than $1,200 last week.
Bitcoin transactions are gathered into so-called “blocks”, and developers have been arguing over the size limit of a block for nearly two years. Currently, there is a one-megabyte maximum on processing batches of transactions, but some in the industry want to increase the size as the network capacity increases. Others in the community say increasing the block size would be unsafe.
Last week the price of the currency held relatively steady as the US Securities and Exchange Commission (SEC) rejected a bitcoin exchange-traded fund’s (ETF) bid to list.
The SEC said the ETF, founded by the Winklevoss twins, posed a fraud risk as there’s a lack of regulation in the world’s bitcoin markets.
Approval of the fund would have been a major step towards making bitcoin mainstream.
Traders of the cryptocurrency are holding out hope, however, as there are several more bitcoin decisions planned over the coming months.