News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.95% Gold: 0.84% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FPnLbC3Pxf
  • With Eurozone economic data shrugging in recent weeks, European Central Bank interest rate expectations have been creeping forward towards April 2021. Get your $EURUSD market update from @CVecchioFX here: https://t.co/vBPciSW5pH https://t.co/qubKMRFnjv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.19%, while traders in EUR/USD are at opposite extremes with 61.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A8bc63PO79
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% France 40: 0.01% FTSE 100: 0.01% US 500: -0.29% Wall Street: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MqwdApCJ0C
  • The US Dollar is pulling back from what’s become a strong outing in the month of September. Get your $USD technical analysis from @JStanleyFX here:https://t.co/hOvSiIDFLT https://t.co/d0SEnfJT0s
  • webinar starting right now - looking at 1. themes for q3 close 2. debates starting tonight, what might market ramifications be? 3. heavy week of data out of the us - $USD in the spotlight https://www.dailyfx.com/webinars/455809179 https://t.co/tZxa4c2zVl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.20%, while traders in US 500 are at opposite extremes with 62.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9tCHS7o18f
  • Heads Up:🇺🇸 Fed Williams Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-29
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.93% Gold: 0.62% Oil - US Crude: -4.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/674URQqbej
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.49% 🇪🇺EUR: 0.41% 🇳🇿NZD: 0.37% 🇬🇧GBP: 0.05% 🇯🇵JPY: -0.17% 🇨🇦CAD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NLmATP58eY
Cryptocurrency News: Bitcoin Price Eyes New Highs on BIP 91 Resolution

Cryptocurrency News: Bitcoin Price Eyes New Highs on BIP 91 Resolution

2017-07-21 11:08:00
Nick Cawley, Strategist
Share:

- Bitcoin’s (BTC) recent surge towards June’s all-time high driven by activation of SegWit2X protocol.

- Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and all other digital currencies soar on the vote.

Looking for fresh trading ideas? - Get your free DailyFX Third-Quarter Trading Forecast and Trading Guide here.

Bitcoin –Price Surges over 25% in One Session

Bitcoin miners have surpassed the 80% signalling threshold required to activate the new Segregated Witness protocol, sending bitcoin within a few USD of fresh all-time highs. Less than a week after seeing severe falls across the cryptocurrency space, the realisation that the new protocol, BIP 91, will be activated triggered buying across all digital currencies.

With SegWit2X now locked-in and ready to be activated, miners will ready themselves for faster blockchain transaction confirmation times. Blockchain currently has a maximum transaction file size of 1 MB while the new protocol will scale this up to 2 MB, making transaction times and costs faster and cheaper. The new protocol is expected to come into force in around three months’ time.

Thursday’s realisation that fears of a blockchain split, and subsequent creation of a second bitcoin, were unfounded saw the digital heavyweight’s price over 25% on a low-to-high trade basis. And on the charts, the Fibonacci resistance level around $2671 was taken out with ease as the price hit a closing high of $2840. BTC also jumped above the 20- and 50-day ema, providing another positive signal, although a look at the Stochastic indicator shows BTC trading in heavily overbought territory.

Chart: Bitcoin Price (BTCUSD) Daily Timeframe (March 31 - July 21, 2017)

Cryptocurrency News: Bitcoin Price Eyes New Highs on BIP 91 Resolution

Chart by IG

Cryptocurrency traders will also have been cheered by news out that a Federal Judge has intervened in a court case involving the US Internal Revenue Service (IRS) demands for access to currency exchange Coinbase’s customer records. US Magistrate Judge Jacqueline Corley agreed to let an anonymous Coinbase customer challenge the ruling, adding that the IRS request for records was unprecedented.

Earlier this week, American and European authorities shut down two of the largest online black markets, AlphaBay and Hansa Market, as the war against the dark web intensifies. US Attorney Jeff Sessions said that this was one of the most important criminal investigations of the year, adding that most of the activity on these sites was for illegal drugs.

A Rising Tide Lifts All Other Digital Currencies

And BTC was not alone in recording double-digit gains as all other digital currencies soared. With Bitcoin currently accounting for 47.5% of the digital currency market’s capitalisation, it is no surprise that all the other BTC alternatives – altcoins – rallied sharply. Ethereum, the second largest currency by market cap, swung from a one week low of $136 to a high of $258 before settling around $232 as the weekend looms.

Chart: Ether Price (ETHUSD) Four Hour Chart (June 27– July 21, 2017)

Cryptocurrency News: Bitcoin Price Eyes New Highs on BIP 91 Resolution

Chart by Trading View

Market Moves/Capitalizations – July 21, 2017.

Cryptocurrency News: Bitcoin Price Eyes New Highs on BIP 91 Resolution

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH you can create a Quick and Free Demo Account Here…

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES