Bitcoin has gone up from around $890 to a high of $1,449.70 at Bitfinex in just one month, continuing a two years long bullish run after a bottom of $162 was reached during summer 2015.
Its market cap now stands above $21 billion, an all-time high, but its market-share has fallen to around 63%, an all-time low. During those two bullish years, bitcoin’s community has been consumed by a “debate” on scalability which continues to today with much of it turning to in-fighting.
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It has further faced draconian measures by PBoC which has ordered Chinese bitcoin exchanges to halt bitcoin deposits and withdrawals. When the exchanges announced the new measures, they said the withdrawals and deposits were halted voluntarily and temporarily.
We now know the former is not true. Since it is PBoC which has given such orders, we cannot be sure the latter is true either until they do actually start processing bitcoin deposits and withdrawals.
During this period bitcoin was also slapped by the SEC which announced the rejection of a much anticipated bitcoin ETF at, literally, the very last minute. Usually, they allow the proposer to withdraw the application if they intend to reject, but it’s not clear whether that was the case considering that it would have offered an easy opportunity for insider trading.
The currency is also facing a challenge from ethereum which has attracted a number of bitcoin businesses as bitcoin’s fees have considerably increased with transactions often delayed for hours or days.
Moreover, if a halt of bitcoin withdrawals and deposits was not sufficient in China, American banks intervened to cut off Bitfinex from the banking system, forcing one of bitcoin’s biggest