Bitcoin Recovering Rapidly Despite a Violent $1,000 Pullback

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Updated: Sep 6, 2017, 13:34 UTC

After an almost $1,000 pullback from the $4,979.9 all-time high, Bitcoin is now hovering near $4,500. The past few days have been hectic.

After an almost $1,000 pullback from the $4,979.9 all-time high, Bitcoin is now hovering near $4,500. The past few days have been hectic, and despite numerous headlines, the psychological barrier of $5,000 was not breached on the more prominent Bitcoin exchange sites. The $4,001.93 weekly low was nearly shattered, but increasing buying volume has driven the price back up, much closer to prior trading levels. It is now a very durable support and strong point of interest. A drop in price further below, will be the start of a complete breakdown, while a move above $5,000, ahead of the current $4,979.9 all-time high, may lead into a new bull run.

BTC-e has begun processing withdrawals and intends to start transferring user data over to the new website domain infrastructure. Users seeking instant relief will be able to redeem 55% of their prior account funds, but only by accepting tokens in exchange for the remaining 45% of frosted funds. A comparable haircut policy was instituted by Bitfinex some time ago, so a similar turn of events is to be expected moving forward.

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Collapsing exchanges seem to be a reoccurrence in the crypto market place, with the Igot Bitcoin exchange having issues pertaining to customer refunds, as an added bonus on top of technical difficulties regarding day-to-day operations.

SegWit continues to spark interest and debate, with supporters of the protocol citing the whole operation as a success, and opponents of the soft fork referring to it as a complete disaster.

The most vocal being Craig Wright, the alleged creator of bitcoin, has managed to spawn a heated debate on Reddit, that is showing no signs of cooling down.

The reality of SegWit….

When the lies through statistics BS is removed pic.twitter.com/DzN3kuC6w8

— Dr Craig S Wright (@ProfFaustus) September 5, 2017

Many are looking toward the scheduled November hardforking event as a possible solution, should SegWit adoption falter.

I think my previous poll wasn't very clear. Let's try a simple one.

Do you support Bitcoin hardforking in November to double the blocksize?

— Charlie Lee (@SatoshiLite) September 5, 2017

China Bans ICO’s

ICO and ICO related crypto currencies, have taken quite a beating these past few days. Chinese regulators have advised their citizens against partaking in such ventures, citing the practice as being akin to illegal fundraising. South Korean regulators followed suit, by proposing additional strengthening of regulation, and more detailed monitoring of digital currencies.

Furthermore, the Russian Government has begun to discuss a state wide ban on the use of domestic energy resources, most notably electrical power for bitcoin mining purposes.

In the face of it all, ICOs and fintech firms, continue to garner a lot of attention. Only time will tell if national governments end up being able to regulate, and reign in on certain businesses practices.

A rapid decline in price began from the $4,979 all-time high on September 2 (GMT 03:00). After 5 volatile smaller price dips, a bottom was found at the $4,001.93 weekly low (GMT 04:00). Bitcoin price has rebounded decisively since then and is now trading very close to $4,500.

This post was originally published by EarnForex

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