Bitcoin jumped Thursday to its highest price in almost four weeks as digital currency developers appeared to come closer to an agreement that would prevent a split in the cryptocurrency. <\/p>\n
Bitcoin rose more than 15 percent, to $2,675.67, its highest level since June 25, according to CoinDesk. As of 1:33 p.m. ET, the digital currency traded near $2,648. It's up about 4 percent for July and more than 170 percent higher for the year. <\/p>\n
Bitcoin three-month performance <\/p>\n<\/p>\n
Source: CoinDesk <\/p>\n
Developers need to agree on activating an upgrade known as Segregated Witness by Aug. 1 in order to prevent the digital currency from splitting, or forking. Coinbase's GDAX exchange has said it might pause bitcoin trading if the currency splits. <\/p>\n
\"Bitcoin is rallying largely because the probability of Segregated Witness being activated is increasing as more miners signal that they will activate it,\" said Ari Paul, CIO of BlockTower Capital, a cryptocurrency investment firm. Not every miner has to agree, but at least 80 percent need to. <\/p>\n
The move higher also came amid increased interest in the digital currency world from Wall Street. Forbes reported Tuesday that bitcoin is a top holding of investor Bill Miller's hedge fund. <\/p>\n
\"The institutional interest in this space has picked up again, not that it really died off too much,\" said Brian Kelly, a CNBC contributor and founder of BKCM, which runs a digital asset management strategy for clients. \"Institutions are looking to get back in in a meaningful way.\" <\/p>\n
Ethereum also jumped more than 18 percent, to near $230, its highest since Tuesday, according to TradingView charts of Coinbase data. Ethereum plunged below $200 over the weekend. <\/p>\n
The gains in Ethereum came despite news Wednesday that hackers stole more than $30 million in Ethereum from wallets as the result of a security flaw. Earlier in the week, thieves stole more than $7 million in Ethereum by hacking the initial coin offering for CoinDash. <\/p>\n
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Bitcoin leaps 15% to highest in nearly a month on increased confidence in currency's future - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin jumped Thursday to its highest price in almost four weeks as digital currency developers appeared to come closer to an agreement that would prevent a split in the cryptocurrency. Bitcoin rose more than 15 percent, to $2,675.67, its highest level since June 25, according to CoinDesk Continue reading