Bitcoin steadies after relief rally

Markets 6/18/2017, 6:46 PM
Bitcoin steadies after relief rally

The price of bitcoin hovered around $2,550 on Sunday after hitting a daily high of $2,640 as cryptocurrency developers agreed to merge two incompatible system upgrades, thus avoiding a possible currency split.

The two methods for upgrading the digital currency system, known as BIP 148 and SegWit2x, were set to go into effect later this summer, causing worries that they could end up dividing bitcoin into two separate assets. However, a developer named James Hillard announced on Friday a proposal that would make the two upgrades compatible, ultimately gaining approval by the community, Bitcoin Magazine wrote. 

The subsequent relief rally that helped bitcoin bounce off the June lows was also helped by the rising interest for the cryptocurrency among major investment banks. A few days ago Morgan Stanley issued a report on bitcoin's blockchain technology, while Goldman Sachs announced the need for analyst coverage concerning digital currencies due to surging client demand.

Bitcoin eased 2.68% to $2,540.1 and declined 2.75% against the euro to trade at 2,286.501. The cryptocurrency slipped 0.91% compared to the Chinese yuan to go for 18,850 at the same time.

TeleTrader Newsroom / IB



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