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Economics Gazette

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October 22, 2019

Bitcoin erased 20% of its price over the weekend

BitcoinThe digital currency Bitcoin erased 20% of its price over the weekend after a misunderstanding between the developers of the crypto-currency almost led to its split into two separate parts. The price of a Bitcoin on Sunday marked increase to 999 USD after Saturday currency traded at level of 970 USD. The decline was strongly underlined, as this week the value of a Bitcoin reached 1,259 USD.

The price of virtual currency was stable, even after the US Commission on Securities and Exchange (SEC) rejected the proposed exchange-traded fund on Bitcoin last week. The idea of ​​exchange-traded fund on digital currency was exciting and was expected to attract new money to it, but there was no real sense in the proposal.

But there was disagreement between developers of the crypto-currency.

The developers, exchanges and entrepreneurs argue nearly two years on a seemingly minor technical issue – the upper limit of the size of a “block” or group of transactions processed in the Bitcoin network. Currently the maximum is one megabyte. Some industry players want to increase that amount as a result of increased network capacity.

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