GETTY <\/p>\n
1.20pm: Bitcoin needs a few more 'swings' before trend continues <\/p>\n
According to Sheba Jafari, head of technical strategy at Goldman Sachs, bitcoin will \"need a few more swings\" before the witnessed trend continues. <\/p>\n
\"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. <\/p>\n
11am: Bitcoin bounces back from price crash <\/p>\n
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. <\/p>\n
This is close to the high of $2,855 that was recorded on Sunday. <\/p>\n
The price has stabilised after Bitcoin miners activated BIP91 a software update aimed at solving Bitcoins scalability problem. <\/p>\n
On Saturday, BIP91 was activated after 93 per cent of miners signalled their support well above the 80 per cent threshold that was needed. <\/p>\n
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. <\/p>\n
Bitcoin's volatility is very high compared to the euro, the yen or even gold <\/p>\n
Francisco Blanch, America Merrill Lynch <\/p>\n
Andrew Lee, head of bitcoin-shopping startup purse.io, said: Were thrilled to get past this impasse. <\/p>\n
In further good news, Bank of America Merrill Lynch has predicted that Bitcoin will go mainstream once banks start accepting it. <\/p>\n
A crucial hurdle for the cryptocurrency will be whether institutions accept it as collateral, the banks commodity and derivatives strategist Francisco Blanch wrote in a report. <\/p>\n
\"But we are not aware of any major institution that takes cryptocurrency as collateral at the moment, he added. <\/p>\n
Blanch detailed how currency has developed through the ages from salt and other commodities, to gold and finally to modern money. <\/p>\n
He noted that in the last year, volatility in Bitcoin markets fell below levels witnessed in silver markets. <\/p>\n
COIN.DESK <\/p>\n
\"Bitcoin's volatility is very high compared to the euro, the yen or even gold,\" he wrote, according to CNBC. <\/p>\n
\"But it fell twice last year below the volatility of silver, the world's currency for 400 years.\" <\/p>\n
Bitcoins value has more than doubled since the start of the year and has soared almost 740 per cent in the past two years, according The Motley Fool. <\/p>\n
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Go here to read the rest: GETTY 1.20pm: 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. Continue reading
\nBitcoin LIVE news: Cryptocurrency soars after fears of crash wobble market - Express.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"