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Bitcoin price started the week with a solid pullback to $4239, but soon recovered to its support levels of $4350 – $4400 range. Every time the price tries to get close to the all time high, there is a sudden decline that takes it back to $4400 level.Bitcoin price started the week with a solid pullback to $4239, but soon recovered to its support levels of $4350 – $4400 range. Every time the price tries to get close to the all time high, there is a sudden decline that takes it back to $4400 level.
One of the factors that could be contributing to the pullback is worsening relations between proponents of Bitcoin Core and SegWit2x. Over the weekend, several pro minent figures engaged in a public feud on Twitter, with both Core developers and New York Agreement signatories accusing each other of using threats to advance their agendas.
If such disagreements continue, it will likely make investors more nervous and may lead the Bitcoin price to find support at $3800. Stochastic is indicating overbought conditions, which means buyers should let sellers step in. If that happens, bearish pressure could further dip Bitcoin price.
Post SegWit activation, analysts predicted Bitcoin price to cross $5000, but it seems all SegWit has done is made Bitcoin’s support levels stronger recover the price from recent sell off due to Bitcoin Cash gaining more mining power.
Top Stories form the Crypto World
1. Mark Cuban to launch Ethereum based protocol
Billionaire and a Shark Tank investor, Mark Cuban, is planning to launch a digital currency Ethereum-based Mercury Protocol for the communication industry.
Mercury Protocol is designed as an alternative to centralized communication platforms that aims to ensure the privacy of its users.
According to Mercury Protocol lead Blockchain developer Preethi Kasireddy, the protocol uses the GMT token as a utility metric for communication platform participation.
Why it matters: Mark Cuban has been a long time skeptic of cryptocurrency market. Last time we heard from him on the matter, he called crypto market a bubble which could burst anytime. His statement lead Bitcoin price to decline short term. Big names like Mark Cuban getting involved with Ethereum is a great news for cryptocurrency market in general. Many investors look up to these guys before putting in their hard earned money in any market. Crypto market loves new investors.
2. Litecoin reaches all time high
Over the past 24 hours, Litecoin surged to its all time high — trading at $63.13 at the time of writing — a 36% increase over the week. It is now the fifth-largest cryptocurrency by market capitalization.
Not surprisingly, LTC/KRW pair on Korean exchange Bithumb is leading the pack with more than $181 million worth of Litecoin traded in the past 24 hours — as much as 25 percent of the volume.
A good thing to know: Monero is also trading at an all time high mostly because it started trading on Korean exchanges. Imminent regulatory changes regarding cryptocurrencies in South Korea could be one of the reasons why we are seeing sudden growth in the nascent crypto asset class.
3. Vitalik tweets out Ethereum difficulty adjustment
Ethereum co-founder, Vitalik Buterin, tweeted out above picture saying:
“Ethereum difficulty adjustment, and how it reacts to various network stresses.”
He is pointing at the hard fork which will switch Ethereum protocol from PoW (Proof of Work) to PoS (Proof of Stake). Alos, the inclusion of difficulty time bomb which will make Ethereum mining exponentially harder after the fork.