Yesterday, bitcoin saw a fall of $84.11, or 1.12 percent, as it was trading at $7,403 following its 300th death anniversary. 

The cryptocurrency suffered its 62nd death this year alone and lost a value of more than $2,600 since its 200th death in December last year. 

If it continues this way, bitcoin could fall below $7,000 in the coming days. 

This morning, at the time of writing, it is worth $7,699 – up from around $6,500 in early April, according to Coinable exchange. 

The value is up by one percent since yesterday and up by about two per cent week-on-week.

However, the overall value is down by around 17 percent from the figure a month ago. 

What is currently going on with bitcoin? 

CCN.com called it a “boring week” for prices as it is only natural the market keeps moving sideways. 

Bitcoin price: Will BTC rise today?

Will BTC rise today?

What is currently going on with bitcoin?

A graph showing bitcoin’s latest charts

However, there are a lot of new developments happening in the bitcoin community in the near future which could change the coin’s dull trajectory. 

A new feature of batching will start to gather many transactions into a single transaction by adding numerous outputs per unit. 

Using new features by Schnorr Signatures, the unlocking script would have only one signature representing multi-signature transactions of each participant’s signature. 

Atomic swaps will also allow for some cryptocurrencies (based on the language script, such as bitcoin, Litecoin, Vertcoin) to be exchanged between each other automatically. 

Bitcoin price: Will BTC rise today?

What is currently going on with bitcoin?

Despite facing its 300th death, bitcoin is still being regarded as a game-changing currency with a lot of potential. 

Twitter CEO Jack Dorsey is the latest to hail the currency, saying:  “There’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens.” 

However, Forbes states bitcoin is “anything but immune” to government power due to dependence on electricity.

With the current trajectory predicting that bitcoin mining will only become more difficult, increased costs and energy usage means the token could struggle to keep its value. 

Bitcoin users claim that the decentralised currency cannot be shut down by the government, but increased energy consumption coming from mining farms could change this. 

Without electricity and computer power, bitcoin would not be possible to produce, and the government ultimately provides electricity. 

These factors mean that BTC’s standing remains unclear. 

post source

Leave a your comments