After 3 days biggest fall Since 2 years Bitcoin consolidates - Alldamoney

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After 3 days biggest fall Since 2 years Bitcoin consolidates

Bitcoin rose to an all-time high of $1,350 over speculation that the SEC could approve the first U.S. bitcoin exchange traded fund, then slipped downwards on news that regulators did not give their approval, accelerating downwards and hitting a five-week low of $944.36 on Saturday as investors sold the digital currency on worries about its future.
Earlier in the month, U.S. regulators quashed the Winklevoss brothers bitcoin ambitions by rejecting their application to list an exchange-traded fund linked to the digital currency.

But the digital currency recovered a bit on Sunday and capitalized on those gains on Monday, reaching around 2.5 percent to roughly $1,050 as of 1815 GMT.
Apart from the non-approval of the exchange traded fund, bitcoin experts attributed its steep losses to an age-old disagreement over whether and how to raise the capacity  "blocks" that bitcoin transactions are processed in, to avoid  delays in transactions.

The present steep fall has been its heftiest since early 2015 between.

Another factor experts says is contributing to volatility with bitcoin is a newer, rival "cryptocurrency : ether. The digital currency behind Ethereum soaring at the moment is a project most investors think holds more potential than bitcoin and since over the last  month its value has tripled, jumping to record high of $45 at the same time bitcoin was plunging.

Some analyst said traders were selling bitcoin and buying ether, which is contributing to the falls in the price of bitcoin.

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