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    August 14, 2017

    Bitcoin soars past $4,000 USD – shrugging off fork worries

    bitcoin $4000 usd

    As of the 13th of August, Bitcoin has officially surged through the $4,000 USD mark – a sign of strength for the cryptocurrency in the wake of its recent fork.

    Though some investors feared the worst as Bitcoin forked to become two different strains – namely, Bitcoin and Bitcoin Cash – their patience has been rewarded as the cryptocurrency has now soared past the $4000 USD mark; sitting at $4126.86 USD at the time of writing.

    The feat marks one of Bitcoin’s largest gains yet – CNBC reports that strong Japanese demand has set prices soaring; peaking above $4200 USD.

    Read: How to buy Ethereum in South Africa

    At press time, trading of Bitcoin in Japanese Yen has accommodated to nearly 46% of total international trade volume; trading of the cryptocurrency in the US Dollar accounted for some 25%, while the South Korean Won and Chinese Yuan followed suit with approximately 12% each.

    Some analysts have indicated that Bitcoin’s resilience in surviving its fork has led to an increase of interested investors – though the cryptocurrency could once again split as the second stage of SegWit2x implementation nears this November.

    Chris Burnsike, author of Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond, predicts that the price of the cryptocurrency might soon correct to a lower value.

    Burnsike posits that Google search trends – wherein Bitcoin search interest increases exponentially as a result of a price surge – traditionally indicate a forthcoming market correction. Burnsike defines a bubble as a period wherein Bitcoin price doubles in a 30 day period – and has warned that although this hasn’t occured yet, such a correction may be on the horizon.

    Read: The United Nations leverages the Ethereum Blockchain to send aid to Syria

    What are your thoughts? What’s the likely direction of Bitcoin from here? Be sure to let us know your opinion in the comments below!

    Follow Bryan Smith on Twitter: @bryansmithSA

    Source: CoinTelegraph

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    • I have a bit of cash invested and drew out the bulk while it’s still high. It’s a very interesting thing to watch. Even if Bitcoin loses value, it’s still making traditional investors kak themselves 🙂

      • Nice one good sir! It’s incredibly interesting – I can foresee a small correction on present values, but I’m genuinely surprised by Bitcoin’s resilience after a fork. It’s definitely a challenge to our traditional understanding of currency and investment!

        • RE the fork: I think it’s because of how lackluster it actually was. It was hyped up to be a change in the underlying technology and this major improvement, but boiled down to being meh. I think the issue of it only being supported by a few Chinese developers didn’t help, either.

          I agree with you on the challenge. It’ll be very interesting to see how it develops over the coming years.