Bitcoin LIVE news: Cryptocurrency soars after fears of crash wobble market – Express.co.uk

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1.20pm: Bitcoin needs a few more 'swings' before trend continues

According to Sheba Jafari, head of technical strategy at Goldman Sachs, bitcoin will "need a few more swings" before the witnessed trend continues.

"Anything above 3,000 (Jun. 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high)," Ms Jafari wrote in a note to clients.

11am: Bitcoin bounces back from price crash

Bitcoin has recovered from its recent crash, with the price of the cryptocurrency reaching $2,790 at 2.00am BST this morning before falling slightly to $2,691 as of 11.30am BST.

This is close to the high of $2,855 that was recorded on Sunday.

The price has stabilised after Bitcoin miners activated BIP91 a software update aimed at solving Bitcoins scalability problem.

On Saturday, BIP91 was activated after 93 per cent of miners signalled their support well above the 80 per cent threshold that was needed.

The Bitcoin market crashed between July 12 and July 16 amid fears that the update would not be accepted, which would have triggered a user-activated soft fork splitting the cryptocurrency into two assets.

Bitcoin's volatility is very high compared to the euro, the yen or even gold

Francisco Blanch, America Merrill Lynch

Andrew Lee, head of bitcoin-shopping startup purse.io, said: Were thrilled to get past this impasse.

In further good news, Bank of America Merrill Lynch has predicted that Bitcoin will go mainstream once banks start accepting it.

A crucial hurdle for the cryptocurrency will be whether institutions accept it as collateral, the banks commodity and derivatives strategist Francisco Blanch wrote in a report.

"But we are not aware of any major institution that takes cryptocurrency as collateral at the moment, he added.

Blanch detailed how currency has developed through the ages from salt and other commodities, to gold and finally to modern money.

He noted that in the last year, volatility in Bitcoin markets fell below levels witnessed in silver markets.

COIN.DESK

"Bitcoin's volatility is very high compared to the euro, the yen or even gold," he wrote, according to CNBC.

"But it fell twice last year below the volatility of silver, the world's currency for 400 years."

Bitcoins value has more than doubled since the start of the year and has soared almost 740 per cent in the past two years, according The Motley Fool.

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Bitcoin LIVE news: Cryptocurrency soars after fears of crash wobble market - Express.co.uk