Bitcoin Leveling Out?
In recent weeks Bitcoin has surged repeatedly, smashing records over and over again. However, it seems that the Bitcoin boom might finally be slowing down. After soaring past $2,500 and peaking at almost $2,800 for the first time ever on Thursday, it lost a fair amount of this progress, ending up at about $2,230, down 9.2%. Over the past 30 sessions, it gained almost 90% of the time, growing more than 107%.
The Digital Currency Group, a consortium of 56 companies from 21 countries, has convened in New York at the Consensus 2017 conference. Since closing on Tuesday, news that the group had reached an agreement on scaling prompted another boost for Bitcoin, they climbed as much as 25% since closing on Tuesday. The scaling agreement was just another step forward for Bitcoin, which had already become a legal method of payment in Japan and on Russia's largest online retail website, Ulmart.
However, it's not all good news for Bitcoin. The United States Securities and Exchange Commission (SEC) has yet to rule on its reconsideration of the exchange traded fund (ETF) of the Winklevoss twins. This uncertainty was prefaced by the public comment period that ended on May 15. So, Bitcoin users are now waiting to hear whether Bitcoin will be traded on the U.S. Stock Exchange. So far, the answer is no, which is and has been a major setback for the cryptocurrency.
Nevertheless, this year alone Bitcoin has gained 141%. Many still believe that Bitcoin will become the global currency, and in times of political uncertainty this is an even stronger trend.