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The Cryptocurrency Roller Coster – Bitcoin Ups And Downs

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Bitcoin’s price has seen steep rise this week soaring from the $3900 range on October 24, 2017 to about $4500. The upshot in price is especially significant because it comes at a time when the cryptocurrency sphere was seeing a lot of fear and panic in the markets after the recent ban that China imposed on its ICO and a controversial statement by JPMorgan Chase CEO referring to Bitcoin as a ‘scam.’ The three largest Bitcoin exchanges in China: OkCoin, Huobi and BTCChina along with over 15 other exchanges announced in mid September that they will close their mainland businesses by the end of September.

But this was not enough to keep the price of Bitcoin under $4000 for long as traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Trading has spiked generally on peer-to-peer marketplaces. The shift to physical peer-to-peer transactions is also evident in the weekly volume of P2P trade platform LocalBitcoins. China trading volumes more than doubled in the week starting September 16 from the previous week to 74 million yuan.

We got more good news this week in the form of more interest from Countries like Bahrain and the upcoming Segwit2x fork, which is expected to take effect in November is causing more investors to accumulate Bitcoin in order to receive equivalent amounts of Segwit2x coins. If the hard fork on August 1, 2017 which resulted in the creation of Bitcoin Cash is any indication, we should expect to see another massive bull run after the fork as when 16.5 billion new coins are created out of thin air and added to circulate which would add around $10 billion in total market value. The October 25 scheduled Hard Fork of Bitcoin, resulting into Bitcoin Gold, third version of the original Bitcoin is also in news these days. The team Bitcoin Gold thinks, the existing Bitcoin is not completely decentralize and is in the hands of miners. The Bitcoin Gold team wants to create a truly decentralize Bitcoin by inviting more miners by introducing the GPU Mining to Bitcoin Gold. Read more details about Bitcoin gold-  What is Bitcoin Gold?

Not only Bitcoin but Ethereum Metropolis  Hard Fork is on the way. It is speculated that the Metropolis hard fork of Ethereum may increase the prices upto $800.

In any case, the next 6 weeks are going to be crucial for cryptocurrency markets and  this is an exciting time to be involved with cryptocurrencies.

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Gaurang Jain
Gaurang Jain
Gaurang Jain is a recent CS graduate from the University of Ilinois, Urbana-Champaign who has been involved in the cryptocurrency space since mid 2014 having set up a small mining operation in his dorm room (yay! Free electricity). He has grand visions for the future of cryptocurrencies and believes that in time code will disrupt big corporations and intrusive governments in ways that we cannot even imagine yet. He loves the great outdoors and is always up for road trip and does stand up comedy on the weekends when he can get a spot.

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