The largest cryptocurrency by market cap slightly rebounded on Monday after a series of losses wiped out more than $2,300 from the value of bitcoin in just a few days. The surge was followed by a 22 percent drop to $1,139.
Some sceptics have called Bitcoin's rapid advance a bubble but the digital currency has become too big for many to ignore. This is because some exchanges, notably San Francisco-based Coinbase, are not supporting it and are only making Bitcoin Cash available for withdrawal in 2018. Asian stocks were mixed as investors awaited continuing talks on tax legislation in the US this week. The original Bitcoin code had a maximum limit of 1MB of data per block, or about three transactions per second.
And many have used the cancellation to choose between the two bitcoin currencies.
Bitcoin is up more than 500 per cent so far this year. Supporters of the original bitcoin say that vision is too limited, and that by improving the blockchain with SegWit technology, bitcoin can become a new digital-asset class that not only supports payments but countless other functions.
A number of people within the bitcoin community had hoped for an upgrade to the blockchain known as SegWit2x to speed up transactions.
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While bitcoin cash surged over the weekend, it hasn't been a straight line up.
While it was a hard end of the week for bitcoin, its offspring bitcoin cash doubled in value within 24 hours, hitting a high of $1,856 according to figures from CoinMarketCap. It's now trading at $6,242 after touching a record $7,882 on Wednesday.
And BitMEX, an exchange for cryptocurrency derivatives that allows Shorting, saw record activity on Sunday, its CEO said early Monday.
Investing and trading in Bitcoin is not for novices or the feint of heart.
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