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



비트코인 ‘급락’•비트코인캐시 ‘급등’ 네티즌 “도박판 수준, 서버다운까지”
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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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.

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