Bitcoin steadies after biggest three-day tumble in over two years

Reuters/Jemima Kelly/03-20-17

Bitcoin regained its footing on Monday, having suffered its heftiest falls since early 2015 between Thursday and Saturday as investors sold the digital currency on worries about its future.

Having soared to an all-time high of $1,350 BTC=BTSP on the Bitstamp exchange on March 10, on speculation that regulators could approve the first U.S. bitcoin exchange traded fund the following day, the digital currency then slipped back.

Its falls began accelerating on Thursday and it hit a five-week low of $944.36 on Saturday. But bitcoin recovered a little on Sunday and built on those gains on Monday, climbing around 2.5 percent to roughly $1,050 by 1815 GMT.

PG View: Charles Hayter of Cryptocompare also said the “scaling debate is a risk for the network and highlights core issues in terms of governance.” That opens the door for competitors to challenge BitCoin’s supremacy.

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