Bitcoin-iStock

Bitcoin rebounds over $1,000 after losing almost a third of value

LONDON (Reuters) – Bitcoin surged on Monday, recovering more than $1,000 after losing almost a third of its value in less than four days as traders bought back into the volatile cryptocurrency.

Bitcoin tumbled in the second half of last week, falling as low as $5,555 on the Luxembourg-based Bitstamp exchange on Sunday, a slide of almost 30 percent from a record high just shy of $7,900 on Wednesday..

It rebounded on Monday, trading up more than 14 percent on the day at $6,718, though that was still more than $1,000 less than last week’s record high.

Market-watchers said the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called “fork” – a move that had initially had a positive impact on the digital coin, sending it to a record high of $7,888 on the view that this marked a resolution of a long-term dispute.

But some were disappointed that “Segwit2x” fork had been abandoned. It would have increased the capacity of the “blocks” transactions are processed in, thereby reducing competition to get payments processed and lowering transaction fees.

Consequently, analysts said, some of those who see low fees as important to the future of bitcoin were selling it for a clone called Bitcoin Cash that spun off from the original in August. Its block sizes are larger, and therefore transaction fees are lower.

Bitcoin Cash tripled in value at the end of the week as bitcoin slid, reaching an all-time high just below $2,000 on Sunda and briefly overtaking Ethereum as the world’s second-biggest cryptocurrency.

But traders bought back into the original bitcoin on Monday, sending Bitcoin Cash plummeting. It was trading down over 30 percent on the day at around $1,097, according to industry website Coinmarketcap.

“Bitcoin and Bitcoin Cash will co-exist and serve different use cases, just like Bitcoin and Ethereum. It’s not a zero sum game,” bitcoin and security expert Andreas Antopolous said in a post on Twitter.

Bitcoin is up more than 500 percent so far this year.

Source: Reuters

CloudBuzz

The latest in curated technology related news collected from many of the leading news distribution, industry research and technology vendor firms on the planet.

Here you will find recent news sources from companies such as Reuters, Marketwired, IDC, Gartner or directly from cloud vendors such as Google, Microsoft or Amazon.

Built to Last: Choosing the Right Infrastructure Partner for Your Game

Built to Last: Choosing the Right Infrastructure Partner for Your Game

Choosing the Right Infrastructure Partner There are millions of gamers around the globe, and according to gaming market research firm Newzoo, they’ll drive roughly $108.9 billion in revenue for the industry by the end of ...
Quantum Computing opens new front in Cloud!

Quantum Computing opens new front in Cloud!

Quantum Computing As the amount of data in the world is rapidly increasing, so is the time required for machines to process it. Augmented Reality, Virtual Reality, Artificial Intelligence, Robotics, Real-Time Analytics, and Machine Learning algorithms are ...
Multi or Hybrid Cloud, What’s the Difference?

Multi or Hybrid Cloud, What’s the Difference?

Multi Cloud You’ve likely heard about the latest trend in cloud computing commonly referred to as multi-cloud, and it is taking the world by storm. Hybrid and traditional cloud based systems are reaching their limits; ...
Adopting An Industry-Wide Red Line Movement

Adopting An Industry-Wide Red Line Movement

Red Line Movement Recently, I’ve been calling for an industry-wide adoption of the red line philosophy to help with the balance of features and quality in cloud application development. It seems that everyone has the ...
Part 1 - How Cloud Apps Are Making Businesses More (and Less) Secure

Part 1 – How Cloud Apps Are Making Businesses More (and Less) Secure

Cloud Apps Security Today, more than ever before, employees are working while on-the-go. The ease with which a worker can enjoy a coffee-café latte in one hand and click “send” with the other is made ...
The Lighter Side Of The Cloud - Snowball Effect
The Lighter Side Of The Cloud - Going Viral
The Lighter Side Of The Cloud - Playing It Safe
The Lighter Side Of The Cloud - Recovery Experts
The Lighter Side Of The Cloud - Turmoil
The Lighter Of The Cloud - Virtual Lunch Break
The Lighter Side Of The Cloud - Big Broadband
The Lighter Side Of The Cloud - The Dating Game
The Lighter Side Of The Cloud - Due Diligence

CLOUDBUZZ NEWS

StumbleUpon is closing down after 16 years

StumbleUpon is closing down after 16 years

StumbleUpon, the social content discovery platform founded way back in 2001, is closing down. Cofounder Garrett Camp made the announcement in a blog post earlier today, stating that StumbleUpon accounts can be ported over to another of ...
72-hour rule: Can you identify and report a data breach within 3 days?

72-hour rule: Can you identify and report a data breach within 3 days?

In a series of blog posts, the ‘Coach’ offers recommendations on how to get businesses into shape so they can thrive in the new data era. The 72-hour rule included in the European Union’s General Data Protection ...
Getting to the How of Multicloud

Getting to the How of Multicloud

Customers are moving beyond thinking about what multicloud is, when it’s coming (it’s already here) or why it’s accelerating. At this point, we are in a new phase, where customers need to know how to navigate the complexity and power their next wave of ...