Yesterday the Indian Government decided to regulate Bitcoin and legalize the Coin even though there was worry that the Token could be a pyramid skim by some parliament members. This introduces yet another legal avenue for the many Un-Banked in India to participate in everyday transactions both in the economy and with Government agency’s.
Another good news for Bitcoin is the report from Cointelegraph that the waiting period for SegWit2x is over. The support on Tuesday from BTCC and BATPOOL has taken the community for the implementation over 80%.
Instead of a larger correction down to the €1700 level Bitcoin has picked up momentum to the up side since yesterday and will test the All-Time-High mark of €2618. With SegWit update off-chain Bitcoin transactions will take pressure off the Mempool which is struggling with an tremendous backlog of 350 000 unconfirmed Bitcoin transactions.
This number has bin as low as 25 000 prior to the report from Cointelegraph were interests was dwindling.
Take a look at the Chart below. Notice that this 7 Day representation of all the Coins Volume is going down from $116.5 Bn to $112.2 Bn Dollars and the price of Bitcoin is going up as you can read off the Euro and Dollar Bitcoin Charts above. Money is coming out of Alt-Coins and moving into Bitcoin. Bitcoin is recovering somewhat of its Market Share in terms of percent. Not much but we will see were it leads too.
Now that Japan, Australia and the population rich country India are implementing this Blochchain technology the run on Bitcoin from other Countries can't be far away. This will make Global Commerce a lot easier. Every Mom and Pop website that has something to sell will become an Amazon and making the World more Democratic.