Updated: 11/16/2016 17:34
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bitcoin price growth nov16
Bitcoin price sudden growth analyzing reasons for that in terms of yuan devaluation and SegWit protocol appliance after upgrade to Bitcoin Core 0.13.1
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Bitcoin price sudden growth analyzing reasons for that in terms of yuan devaluation and SegWit protocol appliance after upgrade to Bitcoin Core 0.13.1

The Bitcoin price has moved up greatly on Wednesday, November 16. Within less than an hour the cryptocurrency rate increased by $30, reaching the price $745 on Bitfinex exchange. Even higher prices were achieved on the Chinese exchanges. This morning the Bitcoin rate started at $715.

According to the assumptions, widely spread online the main reason for the sudden growth could be the positive forecast made by mining pools, concerning the SegWit protocol, which was activated yesterday. As of the latest update from CoinDance a little bit more than 10% of all the pools have already informed openly of supporting the protocol.

There are also alternative ideas on the reasons for the Bitcoin price growth. So the account cnLedger devoted to the Chinese cryptocurrency industry has posted a twit not long before the green candlestick appeared, which links to today's article about Bitcoin and Blockchain in today's released of the biggest official Chinese title People's Daily.

At the same time one cannot exclude that Chinese yuan keeps on devaluating, the fact of which attracts far more and more Chinese investors take advantage of using the cryptocurrency instead.

An interesting graph has been published by the famous Bitcoin admirer and business-angel Joe Colangelo today, drawing attention to the link between the yuan rate decrease and nearly immediate Bitcoin growth, which followed:

Yuan weakens to 6.896 and this happens to Bitcoin moments later.

— Joe Colangelo (@Itsjoeco) November 16, 2016

Another cryptotrader CryptOrca also pays attention to the demand pull for Bitcoin on the Chinese exchanges, however, earlier, he also mentioned the origin of the green candlestick has been first of all the positive forecast for SegWit. This idea has been also supported by the trader and the founder of Bitup investment platform Kir Kelevra in one of the commentaries on ForkLog.

Along with that CoinDesk has published an interesting, though some sort of not proven version, linking to the anonymous representative of Whale Club traders community, saying the reason could be some gossips on placing a lot for 500000 BTC by one of exchangers. In fairness it must be said that such a statement caused some skeptic reaction, which is proven by the twit from ActualAdvice_BTC:

Does @coindesk not have editors??
"rumors of a 500,000 BTC order at an exchange caused the uptick."
how could this possibly get published

— ActualAdvice_BTC (@ActualAdviceBTC) November 16, 2016

By the time of publishing the news some quotation price adjustment is being observed: it's $730 on Bitstamp and $733 on Bitfinex. At the same time on the Chinese Huobi the price is still around $752. The last but not the least, it needs to be mentioned by the end of the previous week a bit more than a quarter of all nodes in bitcoin network have been upgraded to Bitcoin Core 0.13.1, where Segregated Witness code, the decision aimed to increase the transactional set capacity without increasing the blocjk size, has been applied.

About the author

Brett Sherpan has been working for seven years writing and editing for online and print media. He has held various editing and copywriting positions and can quickly and competently write copy for sales, marketing and editorial content. Brett is a consistently dependable team player, who thrives in a high-pressure environment, enjoying the challenges of meeting deadlines and am comfortable researching, writing and editing on a wide range of topics
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