Newsflash: Bitcoin Price Bounces Back Above $1,100
Bitcoin price is on the road to recovery after suffering a significant collapse triggered by rapid selling by investors amid continuing talk of a hard fork as a part of the bitcoin scaling debate. On Tuesday, at the time of publishing, bitcoin price scaled a high of $1,117.9 in an upward climb on the Bitstamp Price Index (BPI).
Bitcoin began Monday at the $1,000 mark, reaching a high of $1,053 an hour afternoon(UTC). The climb was a part of recovery after bitcoin sunk to a low of $944 last week, a 30-day low, losing over 18% in value from trading above $1,150 as talk of a hardfork intensified. The notable fall was among the steepest declines in nearly three years and followed a statement by 18 major bitcoin exchanges banding together to reveal a contingency plan in the event of a hard fork.
Bitcoin’s weekend timeout was among its steepest collapses in years.
After trading through most of Monday under $1,050, Tuesday saw bitcoin cross the mark at 03:00 and the cryptocurrency hasn’t looked back since. The first big gains in the day helped bitcoin prices push toward $1,080 at 05:30 before price hit a plateau. At 11:00 price rose again, from $1,070 to $1,091 afternoon. Bitcoin flirted with the $1,100 milestone until 16:00 before a swell pushed price from $1,088 to a high of $1,110 at 17:15.
At the time of publishing, bitcoin is trading to the dollar at a $1,113.
Price continues to be volatile as the scaling debate continues with the community split between SegWit (Segregated Witness) and Bitcoin Unlimited.
For a live Bitcoin Price chart, click here.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from Bitcoin Wisdom and Bitcoin Average.
You want the latest news about Crypto? Sign up to our weekly Newsletter!