Sunday, August 27, 2017

No SegWit Bump? Bitcoin Price Shrugs Off Upgrade with Sideways Trading

No SegWit Bump? Bitcoin Price Shrugs Off Upgrade with Sideways Trading


"SegWit is old news for the market."

So says crypto analyst Petar Zivkovski, and there's evidence to suggest traders largely agree. Despite just completing perhaps its most significant technical upgrade ever, the price of bitcoin is down just under 1% over the last 24 hours of trading.

To Zivkovski, this shows that bitcoin's upgrade, no matter how impactful, was for traders a classic "buy the rumor" event. He speculates much of the price activity in recent months was due to the upgrade – prior to it being clear SegWit would be activated (thereby increasing and redefining network capacity), he notes bitcoin was trading below $2,000.

But before the network adopts the top-level payment networks and other next-generation features enabled by SegWit, Zivkovski expects a run of profit-taking.


Full story at http://bit.ly/2wvz6s5


Source: CoinDesk


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