Here’s why Bitcoin is rebounding

Price of Bitcoin

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Bitcoin has recovered somewhat from the drop in value seen last Sunday, with the price of the cryptocurrency reaching $ 2,701 at the time of this writing.

The stabilization seems to be the result of Bitcoin miners reaching an agreement on the enactment of the Bitcoin Improvement Proposal.

This agreement means the avoidance of a user-activated softfork (UASF), the possibility of which caused significant unease among investors.

That’s because a softfork could have led the cryptocurrency to split into two assets with separate trading platforms, making it difficult to gauge future performance. Additionally, the agreement allows Bitcoin to add features that will make transactions faster.

Even though there are still risks with the update of Bitcoin’s code, the agreement seems to have calmed the trading market for now. If the updates go as planned, we will likely see increasing stability of the price of Bitcoin.

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  • Outlines banks’ experiments with blockchain technology. 
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  • Discusses the likely trends that will emerge in the technology over the next several years.
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