Bitcoin’s recovery continues following last week’s crash

Bitcoin’s looking good again after last week’s correction which saw the value of a coin plummet roughly 20% to a low of around $1,600 USD; this was immediately after hitting an all-time high of almost $2,800 on certain exchanges.

The price of a single coin is currently sitting at $3,350 CAD as of 5:30pm, ET, Friday, according to data from CoinDesk – up 12.63% against the American dollar in 72 hours.

The word’s number one bitcoin exchange site, Coinbase, is seeking new funds at a valuation of more than $1 billion, according to the Wall Street Journal.

This would be the biggest funding round on record for a venture-backed bitcoin company, the report said.



Coinbase raised $75 million USD from a handful of major financial institutions including the New York Stock Exchange, USAA Bank and Spanish banking group BBVA, earlier in the year.

On the development side of things, there has been a lot of talk lately about the ‘SegWit2x’ scaling proposal which, if successfully implemented, will help the blockchain cope with the ever-increasing volume of trading.

Litecoin became the first cryptocurrency to lock-in to the standard SegWit system about a month ago.

The subject of ‘SegWit2x’ has been met with widespread criticism from sceptics amongst bitcoin’s open-source developer community and, as a result, the debate over bitcoin’s future rages on.

As things stand, trades can sometimes take several hours, if not longer, to be processed and this is a problem for traders who wish to capitalize on the volatility of the cryptocurrency market.

The total market cap for all cryptocurrencies currently stands at just shy of $90 billion USD (approx. $120 billion CAD) with bitcoin representing roughly 45% of that number.