Cryptocurrency Update
Cryptocurrency soars after fears of crash wobble market:
BITCOIN prices have bounced back as miners back a new mechanism designed to solve the cryptocurrency’s scaling issue.
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.
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.
Source : www.express.co.uk
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