BITCOIN prices have bounced back as miners back a new mechanism designed to solve the cryptocurrency’s scaling issue. Here is the latest news, prices and live updates.
By Reiss Smith
PUBLISHED: 13:21, Tue, Jul 25, 2017 | UPDATED: 13:22, Tue, Jul 25, 2017
Bitcoin needs a few more 'swings' before trend continues
According to Sheba Jafari, head of technical strategy at Goldman Sachs, bitcoin will "need a few more swings" before the witnessed trend continues.
"Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high)," Ms Jafari wrote in a note to clients.
11am: Bitcoin bounces back from price crash
Bitcoin has recovered from its recent crash, with the price of the cryptocurrency reaching $2,790 at 2.00am BST this morning before falling slightly to $2,691 as of 11.30am BST.
This is close to the high of $2,855 that was recorded on Sunday.
The price has stabilised after Bitcoin miners activated BIP91 – a software update aimed at solving Bitcoin’s scalability problem.
On Saturday, BIP91 was activated after 93 per cent of miners signalled their support – well above the 80 per cent threshold that was needed.
The Bitcoin market crashed between July 12 and July 16 amid fears that the update would not be accepted, which would have triggered a user-activated soft fork splitting the cryptocurrency into two assets.