Bitcoin trades over $1,000 again after weekend drop
The cryptocurrency bitcoin recovered some of its losses early on Monday, after crashing more than 10% over the weekend.
The bitcoin traded 1.58% higher, going for $1.039.87 on the OKCoin exchange at 2:46 am CET.
The weekend drop in price, which went as low as $950, was influenced by China’s authorities and a split in the bitcoin developer community. China has reportedly started implementing a draft rule that forces cryptocurrency traders to reveal their identity.
The increasingly greater split among developers threatened to break the virtual currency into two separate ones. The debated issue basically boils down to whether to increase the size limit of bitcoin’s block. A block is a distinct, identifiable batch of transactions, and currently, only blocks of a one-megabyte maximum can be processed. Some in the industry want to increase that size, citing the greater popularity of bitcoin as a reason. This would result in increasing the network’s capacity, and this would, opponents argue, destabilize it.