Bitcoin, Bitcoin Cash see volatile price fluctuations, local virtual currency exchanges paralyzed


The world’s most popular cryptocurrencies,
Bitcoin and Bitcoin Cash saw wild price fluctuations
over the past few days,… with Bitcoin’s
price tumbling and Bitcoin Cash’s soaring.
The immense number of transactions even overloaded
local Bitcoin exchanges, leaving them paralyzed.
Lee Ji-won has more.
The prices of Bitcoin and Bitcoin Cash fluctuated
violently over the weekend,… with many local
traders reporting service interruptions on
the country’s virtual currency exchanges.
According to Coindesk, the price of Bitcoin,…
which soared to above 7-thousand-7-hundred
U.S. dollars last Wednesday,… plunged over
the weekend… and is now trading below 6-thousand
dollars.
On the other hand, Bitcoin *Cash, which was
generated from a split from Bitcoin in August,…
saw its prices soar over 40 percent… to
around nine-hundred-50 dollars.
Thomas Bertani, CEO of Eidoo, a cryptocurrency
wallet provider, said the fluctuation in the
price of Bitcoin came as “the market realized
that the price rise was an over-reaching”,…
leading people to start selling Bitcoin.
As to the surge in the prices of Bitcoin Cash,
experts say that the scrapping of a planned
upgrade boosted demand for the cryptocurrency.
Digital currencies run on a technology called
“blockchain” which records all transactions.
The Bitcoin had been planned for an upgrade,
known as “SegWit2x” to increase the capacity
of the blocks, leading to reduced fees for
Bitcoin transactions.
But due to waning support, the plan got called-off,
leading investors to turn their eyes on Bitcoin
Cash as an alternative.
Meanwhile, heavy traffic in the online trading
of these cryptocurrencies led Bit-thumb, Korea’s
largest virtual currency exchange, to shut
down for more than an hour on Sunday,… leading
to extended losses.
Lee Ji-won, Arirang News.

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