Bitcoin price: Bitcoin down to $7,200 – is it a good time to invest in bitcoin? | City & Business | FinanceHeat Profit
After yesterday’s record-breaking rally, Bitcoin prices have dropped down to £5489.13 ($7,210.52) as of 8.50am on Thursday November 9.
According to CoinDesk, today’s high so far is £5688.09 ($7,471.88), down from yesterday’s record £5,948.30 ($7,800).
The rapid spike of around 11 per cent came off the back of the decision to pull the plug on the controversial Segwit2x software update.
The update wold have increased Bitcoin’s block size to 2MB, but was met with a lack of unanimous support from the crypto community.
Mike Belshe, CEO and co-founder of BitGo, announced the decision today by email.
He said: “Our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.
“Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time.
“Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”
The new high is just another record for the token, after Bitcoin surged from around £4,956 ($6,500) to £5,718.75 ($7,500) at the start of the month.
The token’s strong performance was backed by the Chicago Mercantile Exchange’s decision to approve it on the futures Market by the end of the year.
Bitcoin price: The cryptocurrency has been on the rise this month
Iqbal Gandham, UK Managing Director at eToro, believes conditions are now ripe for people to consider their cryptocurrency options.
“The reality is that an increasing number of people are waking up to its potential.
“Plenty of respected institutions are Investing heavily in the blockchain technology behind it, and recently the Chicago Mercantile Exchange announced that it will soon begin trading Bitcoin derivatives.
Some analysts are however sceptical about the token’s success, and are concerned Bitcoin could be heading for collapse.
Joe Pindar, director of product strategy at digital security firm Gemalto, likened the rapid rise of Bitcoin to the infamous DotCom bubble of the late 1990s and early 2000s.
In his mind, the Bitcoin bubble is a ticking time bomb that could go off without notice.
He said: “With so many new cryptocurrencies being launched on almost a daily basis, there is no doubt that the cryptocurrency bubble is going to burst.
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“But like all bubbles calling the exact time it will go pop is extremely hard.
“My advice is not to jump in head first, but don’t expect cryptocurrencies just to be an overnight sensation.”
Meanwhile Mr Gandham advises anyone interested in diversifying their Investment options, not to rely solely on the cryptocurrency craze.