The price of Bitcoin fell to $ 4300, what is next: Factors and Trends
After reaching a new peak at $ 4,975 just two days ago, Bitcoin's price dropped to about $ 4,350.
Many analysts, including the editor-in-chief of Welt Holger Zschaepitz's finance bureau, attribute the fall in the Bitcoin price to China's recent reprisals in terms of initial coin proposals, or even the sale of new crypto against another.
SegWig are obviously not faultless
Last week, prominent financial analysts such as RT's Max Keizer predicted Bitcoin's cost would increase exponentially
With SegWit, Bitcoin has already made tremendous advances in scale by reducing its average unit size to 0.8 MB and the size of mempool from over 140 million to 10 million bytes.
Bitcoin users using SegWit-compatible wallets such as Trezor and Ledger are expected to receive significantly lower fees, with an average decline of around 35%.
Andreas Antonopoulos, a widely recognized Bitcoin expert and security, noted that a $ 0.34 fee is enough to send a deal to an employee and include it in the first block.
This means that with SegWit, Anthonopoulos and many other users, they can send transactions that are confirmed in minutes with a fee of less than $ 0.5.
On September 1, Keizer changed its interim target of $ 5,000 to $ 10,000, as Bitcoin's momentum indicators show a steady upward trend over the medium-term.
All the more so, with regard to development, especially the adoption of SegWit and the introduction of Lightning Network-based applications, there are many reasons why analysts are extremely optimistic about Bitcoin.
What can be expected?
If it succeeds in restoring its recent minor correction caused by PBoC and the Chinese government's reprisals with regard to ICO, this could lead to another strong rally and break the $ 5,000 sign.
As Caseer explains, $ 5,000 and even $ 10,000 are seen due to the huge development and activity around the Bitcoin network.
In addition, Brian Kelly from CNBC, Keizer, and Litecoin creator Charlie Lee underlined the importance of Bitcoin for traditional investors and the traditional financial sector as safe haven assets.
With tensions between North Korea, the United States, South Korea, Japan and China rising rapidly, Bitcoin demand is likely to rise in the coming weeks.
Also, Jihan Wu's co-founder, Bitmain, who has a significant influence on the Chinese mining industry, noted that Bitcoin is still legal in China, and its legacy is not and will not change due to a government inquiry into the ICO's domestic market.
All the more so, with regard to development, especially the adoption of SegWit and the introduction of Lightning Network-based applications, there are many reasons why analysts are extremely optimistic about Bitcoin.
image source - screenshot from poloniex
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Btc Grow and grow...
Will be very strong next year
Great article. I'm interested in how the markets respond long term to threats of government regulation of things like ICOs, and crypto currencies in general. I expect the US to follow. Should be an interesting time over the next few years!
I'm sure governments will try to regulate the market, but you can not regulate something like crypto currencies
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