• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: SEC Strikes: Seeks Temporary Restraining Order To Freeze Binance.US Assets

Bitcoinist Weekly News Re-Hash: Bitcoin XT Dies, Bitcoin Price Stabilizes

Evan Faggart by Evan Faggart
8 years ago
in Bitcoin, Bitcoin Investment, Companies, Markets and Prices, News, News teaser, Trending
0

Bitcoiners breathed a sigh of relief this week when the drama-fueled price decline finally came to a close. The downtrend persisted for the first two days of the week, but the price quickly rebounded and began making small — yet welcome — gains that continued for the rest of the week. This recovery in the markets coincided with the winding down of the Bitcoin XT drama, which began drawing to a close as miners rejected XT in favor of a much more modest BIP 100.

Also read: Bitcoinist Weekly News Re-Hash: Bitcoin XT Drama Continues, Global Economic Slowdown Looms

Daily Bitcoin Price Action

  • Aug 24: $228.26
  • Aug 25: $204.02
  • Aug 26: $220.27
  • Aug 27: $224.19
  • Aug 28: $224.15
  • Aug 29: $231.72
  • Aug 30 Open: $231.33
  • Aug 30 Close: $227.50

Total Change: -0.33%

Monday, August 24, 2015 opened the week with the Bitcoin price at $228.26, continuing the decline that persisted throughout last week. The price trended downwards for the entire day, actually falling below $200 at 8 PM and hitting a low of $198.12. The markets attempted to recover from this trough in the last few hours of the day, just barely making it back into the $200s.

Tuesday opened at $204.02, narrowly making it out of the sub-$200 range. Fortunately, though, the 25th marked the start of a fairly enthusiastic recovery, with the Bitcoin price rising considerably throughout the duration of the day. By midday, Bitcoin returned to the $220s, where it would stay for the rest of the day. Tuesday ended with the Bitcoin price in this $220s range, closing the day ay $220.27.

Bitcoin Mining ProfitabilityIn Tuesday’s news, Bitcoin mining pool F2Pool rejected Gavin Andresen’s and Mike Hearn’s highly controversial Bitcoin XT implementation, opting for the much milder BIP 100 update. Other large pools chose BIP 100 over XT as well, including BitClubPool and Kano.is, along with smaller pools. F2Pool’s rejection represented 25% or more of the network’s hash rate voting against Bitcoin XT. Having over a quarter of the network swearing off XT must have eased speculators’ nerves at least somewhat, since the Bitcoin price seemed to stabilize in conjunction with this significant development in the XT drama.

August 26 kicked off at $220.27, showing positive signs that the Bitcoin price would continue to rise. Sure enough, the price jumped rather sharply in the early morning hours, reaching a peak of $231.09 at 8 AM. Although remaining in the $220s, the price did decline slightly throughout the remainder of the day. By noon, the price had fallen from the $231 peak to $228.24. The day ended on a bearish note at $224.19; however, this closing price was still a far cry from the sub-$200 levels endured on Monday.

Thursday began with the Bitcoin price at $224.19. Although the price fluctuated throughout the day, the markets ultimately remained steady. Bitcoin made modest gains during the first half of the day, peaking at $228.80 by the close of the 1 PM hour. However, the second half of the day saw those gains liquidated, with the price hitting a low of $220.29 at 9 PM. August 27 closed on the downside, at $224.15

August 28 opened at $224.15 and set out on a price climb that would persist for the first half of the day before leveling out. The appreciation concluded at noon, reaching a high of $235.93. During the latter half of Friday, however, the price fell into the low $230s and took up a relatively sideways pattern. The day ended in a continuance of this holding pattern, with the Bitcoin price staying in the low $230s.

l8VGDX7I_400x400On Friday, we reported that two people were arrested in Taiwan under suspicions of being connected to the MyCoin scam that made headlines several months ago. MyCoin posed as a Bitcoin exchange, but was really a ponzi scheme operation that duped victims out of $1 billion NT, equivalent to $30.6 million USD. The two men arrested a few days ago were Lu Kuan-wei and Chen Yun-fei; authorities suspect these two men of convincing victims to “invest” in the MyCoin ponzi scheme, promising them outlandish returns.

Saturday, August 29 kicked off at $231.72, locked into the holding pattern established during the previous night. That sideways action was quickly broken off though, and the markets entered a gentle downward slide that would last until Saturday night. By noon, the price had fallen to $228.92, and continued to fall until 6 PM, where the price dropped to $228.16 — a rather insignificant yet definite decline. At 7 PM, however, the price jumped back into the $230s and stayed there until the day closed.

isis-logoIn the news for August 29, we reported that Ali Amin, an American teenager arrested for supporting ISIS earlier in 2015, received his prison sentence. Amin received 11 years in prison, plus lifetime supervision and internet monitoring after his release. Amin used social media to give ISIS advice on how to use Bitcoin to launder funds coming from the United States, as well as advised another teen on how to leave the country without detection and join ISIS overseas. Amin did some work as a Bitcoin journalist, briefly writing for CoinBrief.

August 30 began with the Bitcoin price at $231.33. The day opened on the decline, though, and the price slid down into the high $220s fairly early in the morning. The markets hit a daily low at midday, falling all the way to $225.04. However, the Bitcoin price began climbing once more in the latter half of the day, rising again into the high $220s. The price stayed in the high $220s throughout the night, eventually closing out the week at $227.50. Ultimately, the Bitcoin price did not change much over the entire week; after recovering from the Bitcoin XT-fueled downtrend, the total change for the week amounted to a decline of 0.33%.

Where Will the Bitcoin Price go From Here?

In the days following F2Pool’s rejection of Bitcoin XT, over 50% of the network has rejected Andresen’s and Hearn’s implementation, opting for the more modest BIP 100. This majority rejection of XT essentially means that the bold update to Bitcoin Core is effectively dead. Therefore, selling pressure related to the XT drama should be filtered out of the market — as suggested by the downtrend’s end early in the week. Thus, while Gavin Andresen’s and Mike Hearn’s reputations may be permanantly tarnished by their conterversial move — which many considered an uncalled for power-grab — any damage inflicted upon the Bitcoin price seems to have been temporary and totally speculative.

With the Bitcoin XT drama seemingly coming to a close, we can once again turn to the market’s underlying fundamentals to judge the trajectory of the Bitcoin price. Not much has changed since the XT drama began; before this speculative bear-run, the price had been making confident gains and enjoying low volatility during quiet periods. With the drama waning, we may be able to expect similar activity to return to the markets in the near future — possibly in the coming week. At the very least, though, it is unlikely that we will see the price decline any further, barring the occurrence of some unexpected and negative event in the coming days. Thus, we can confidently say that the price could very well remain in the $220-$230 range, with slight deviations above or below that range.

What do you think will happen to the Bitcoin price in the coming week? Let us know in the comments below! 


Images courtesy of MyCoin, Wikipedia

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Evan Faggart

Evan Faggart

Evan is the Senior Editor of Bitcoinist.net. He has a bachelor's degree in History with minors in Economics and Political Science. When he's not acting like he knows what he's doing in the newsroom, Evan is most likely playing video games. Follow Evan on Twitter @EvanFaggart.

Related Posts

Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

58 mins ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

20 hours ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

1 week ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

1 week ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

1 week ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    6 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Top Cryptos to buy today: TOADS, ADA, RNDR, SOL

    12 mins ago
  • Is PEPE’s hype over? A look at the Next 5 Big...

    19 mins ago
  • 3 Top DeFi Cryptocurrencies for June 2023: Solana, Cardano...

    5 hours ago
  • TMS Network (TMSN) Illuminates The Crypto Scene, Outshining...

    5 hours ago
  • TMS Network (TMSN) Shines as Investors Shun Binance Coin...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.