The Bitcoin Gold Fork, SegWit2x, Amazon and Singapore

The price of Bitcoin dropped below $5,400 USD on October 25th, making it reach a price of $5,365 USD. Within a very short period since then, the Bitcoin price has again rebounded to the levels of $5,500 USD, which could be contributed to the effect of the upcoming November SegWit2x update.

By October 26th, 2017 the price of Bitcoin was at $5,721 USD having risen with 2.76% in the last 24 hours. Alternatively, an amount that exceeds $465 million USD has also been exchanged on the Bitcoin/USD pair. This represents 21.4% of the daily volume, which follows the 65.6% that JPY is leading with.

On October 23rd, 2017, Bitcoin block of 491,407 was reached, coming almost a day earlier as had been earlier expected. This development triggered what is widely referred to as the Bitcoin Gold hard fork. This is basically a new cryptocurrency that has been cloned from bitcoin and is currently in the process of forking to become a new blockchain that has its own regulations and rules.

Reasons For The Early Week Declines

Two days ago, Bitcoin saw a decline that went below $5,400 USD, raising the question of what could be the reason behind it. But analysts were quick to attribute that decline to an indication that investors are probably looking for other trading options following the reports of the Bitcoin Gold hard fork. The sentiments were also shared by Spencer Bogart of Blockchain Capital, adding that investors do not know what could happen later and are therefore looking for other safe alternatives.

Bogart, who is also the former head of research at Needham & Co. also argued that Bitcoin rushed ahead of the launch expecting that holders would have a chance to be credited with Bitcoin Gold that never happened.

But just some few hours after celebrating the 491,407 block fork, the Bitcoin Gold Team were treated to a rare surprise; ten million hits that were trickling in per minute began to flock its main web traffic requests. The Slack channel of the Bitcoin Gold Team would later link most of those hits to IP addresses that had been routed through China.

But one thing that became apparent was that there were certain forces that were using the DDoS campaign against the site. This made the site unavailable for four hours raising questions whether the team had the capability to guarantee protection against attacks of that nature. Some also wondered whether the team was not sufficiently trained certain important domains of website security.

Central Bank of Singapore Decided There’s No Need to Regulate CryptoCurrencies

According to a statement issued by the Head of the Monetary Authority of Singapore, the country has no intention to regulate cryptocurrencies. Laws and regulations that could be used to run the processes of Initial Coin Offerings and cryptocurrencies are however being formalized. Ravi Menon, who is the Managing Director of the MAS said on October 23rd that his country was particularly not in the interest of regulating such cryptocurrencies like Bitcoin.

Could Amazon Accept Bitcoin?

Investor James Altucher had earlier reported that Amazon was planning to integrate Bitcoin as one of their modes of payment. According to an article that was released to the press on October 23rd, Die Welt reported that certain Fintech sources from Silicon Valley had also echoed the earlier sentiments of James Altucher.

They had previously anticipated that this would occur by October 26th but adding that the date could be possibly changed. This, is, however, still treated as a rumor as neither Amazon nor Bitcoin has confirmed whether there could be such developments underway.

Final Comments…

There are still chances of a drop to the levels of $5,280 USD. The rally of the $2,980 USD low that was witnessed in September can only be signaled by a daily close below 5,280 USD.

For weekly updates on the price of Bitcoin, check here.

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