Bitcoin Breaks $2,000 on Scaling Agreement

Bitcoin prices broke past the $2,000 mark for the first time last week. Due to the important developments in this space during the past few days in this article we will only cover BTC (sorry litecoiners).

Bitcoin Breaks $2,000 on Scaling Agreement

Bitcoin prices broke above the important $2,000 handle last week. After some consolidation around the area prices surged higher to top out at $2,226 on Fxopen. The primary driver behind this surge was speculation about a scaling agreement at the Consensus 2017 conference.

The rumored deal was set to be published on Monday morning US time. When this didn’t transpire, prices crashed, testing $2,000 on most exchanges (see chart below). On FxOpen we traded as low as $2020 before a recovery rally began. The reversal was helped by the official agreement announcement on Tuesday that sent prices back near all-time highs.

Read more: https://blog.fxopen.com/bitcoin-breaks-2000-on-scaling-agreement/