On Friday Bitcoin price continued to hover just below $4400 mark, which is very close to its all time high of $4500. Bitcoin is slowly regaining ground it lost to BCH over the past week. If this slow rally continues, it could take Bitcoin price up to near $4700 — or perhaps even $5000.
Scholastic is indicating the return of buy pressure yet again. RSI is also pointing up to indicate that buyers could push the price much higher.
Now that the Bitcoin network is upgraded with much anticipated SegWit protocol, investors are wondering when will they actually see the result of it — more transactions with almost zero fees.
SegWit has made Bitcoin price more stable, but if it fails to impress the investors with the with the upgrade, investors could consider Bitcoin Cash as a more viable option.
Meanwhile, BCH has gone up 22% in the past week hovering around $650 at the time of writing.
Top Stories from the Crypto World
1. Whalepanda tweets why Bitcoin network is getting slow
Infamous for tweeting out crypto related information, @whalepanda, said that the blocks are getting slow because a lot of miners (associated with Bitmain) are mining BCash since it’s slightly more profitable atm.
He also pointed out Antpool (mining pool backed by Bitmain) that has mined 1 full block since SegWit activation from a total of 25 they mined — total 5 are empty.
2. Bitcoin price gets more profitable amid mining adjustments
Both Bitcoin and Bitcoin Cash blockchains are competing for miner interest and computing power. BCH blockchain has seen five downward difficulty adjustments after struggling to produce blocks yesterday.
From blocks 481,878 through 481,882 each pushed down the difficulty under the network’s “emergency difficulty adjustment rule.” The difficulty adjustments succeeded in bringing the hash rate to about 10% of bitcoin’s hashrate, which made Bitcoin cash more profitable to mine.
3. Burger King in Russia releases its own Whoppercoin
Burger King Russia has introduced its own virtual currency called Whoppercoin on the Waves Platform. According to local reports, Burger King has issued one billion tokens on the platform.
A good thing to know: The move goes to show that the use of digital currencies in Russia continues to grow as the fast food giant announced its interest in accepting Bitcoin payments.