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Wednesday, December 1, 2021

Bitcoin All Set For A Nailbiter

The price of Bitcoin has been able to trade above a very important key zone with the weekly close coming- after the activation of the soft fork. According to data received from TradingView and Cointelegraph Markets Pro, it has been recorded that BTC/USD has been holding a price above $64,000 at 10 am on Sunday.

The pair went on to gain even further in the latter part of Saturday after it briefly traded below a sum of $63,000- due to the regulators of the United States rejecting what could have been the very first ETF based on spot. 

Bitcoin’s ETF Rejection

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Bitcoin didn’t seem to be too moved by this action as the cryptocurrency came back to form solidly- perfectly evidenced by the local highs of $65,350 on Bitstamp before it ended up consolidating. Interestingly, rather than lamenting the news of the ETF, Sunday seemed to bring with it major positive steps for the cryptocurrency, with a few market participants celebrating the launch of Taproot.

This seems to be the biggest upgrade that BTC has experienced since 2017 as Taproot brings with itself a host of benefits which greatly impact everything from Lightning Network efficiency to security. 

The ETF update to Bitcoin was first brought to the scene around seven years ago by Greg Maxwell, the developer, and has now turned into reality. Pieter Wuille, the core developer of BTC, recently stated that the real work would be involved in creating protocols and wallets that are created on top of one another to make full use of the advantages. 

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As reported by Cointelegraph Markets Pro, soft forks have usually preceded bullish Bitcoin price intervals.

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