Bitcoin​ prices have been volatile and in correction mode after touching a new high at around $2,791 on May 24.The price fell below $2,000 on May 27, before eventually recovering to $2,200 levels.The price has been mostly range bound between $2,150-$2,300 levels in the last two days.The price of bitcoin has more than doubled since the beginning of 2017.While the sharp rally since the close of April has drawn many to the the cryptocurrency boom, each new high raises questions about its sustainability.(See also: More Billionaires Are Buying Cryptocurrencies) The growing recognition of bitcoin as a legal mode of payment and the evolving positions of regulators in certain countries have been major drivers of bitcoin’s movement during the year.Japan has recognized the cryptocurrency as a legal method of payment, while in India the Ministry of Finance has constituted a committee to examine the existing framework around Virtual Currencies (VCs).Russia, which has been particularly hawkish, is expected to legalize bitcoin and other cryptocurrencies as financial instruments in 2018 to combat issues related to money laundering.

(See also: The Surprising Reasons For Bitcoin’s Rising Price) Volatility in bitcoin’s price isn’t something new.In 2013, bitcoin’s lowest price was $13.28, while its highest was $1147.25.The rally soon fizzled out, and 2014 saw some volatility in its price.In 2015, there was recovery and gradual uptrend, which continued through 2016.The year 2017 has been exceptionally good for the currency.(See also: How Do Bitcoin Investors Combat Price Volatility?)The unprecedented rise in the price of bitcoin has been phenomenal with a new high being recorded almost every single day.Some cooling down after a fast-paced rally was highly anticipated.Some consolidation in its price at these levels will be good and will make its movement upwards from here more solid.Thanks to the likely resolution of the scaling debate, increasing participation in ICOs and changing regulations across the world, the outlook for Bitcoin remains bullish.(See also: Bitcoin Price Finds Further Support in Scaling Agreement) *at the time of writing, 4 AM EST, May 30, 2017 Want to learn how to invest?

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Generated by Wordfence at Sat, 24 Jun 2017 13:03:37 GMT.Your computer's time: document.write(new Date().toUTCString());.You’ve probably read that the New Year brought glad tidings for Bitcoin.On January 2, the cryptocurrency hit a three-year high, with its value reaching as much as $1,033.best bitcoin ticker appBut it doesn’t matter.bitcoin sustainabilityIn fact, it only serves to highlight some of the shortcomings of the currency.Blockchain advocates may breathlessly point out that the increase in value means that the collective worth of the currency totals as much as $16 billion.That sounds like a lot.As the Financial Times points out (paywall):For context, the Central Intelligence Agency put the planet’s stock of broad money—notes, coins, and various forms of bank account—at $82tn as of the end of 2014.On the CIA figures, the value of bitcoins hashed into existence is similar to the broad money total for Uzbekistani soms.

With apologies to Tashkent, the value of soms and bitcoins, and the number of people for whom they are relevant pieces of information in the world of modern finance, both round to zero.In other words, even valued at over $1,000, Bitcoin isn’t making too much of an impression in the grand scheme of things.In fact, its rising price even hints at some of its troubles.The Register notes that the recent rise of Bitcoin may be attributed to the removal of high-value bank notes in India and Venezuela, but perhaps more significantly to the steady devaluation of the Chinese yuan.As the New York Times reported last year, a small band of Chinese companies have effectively gained control of the currency.As domestic currency value has fallen, so demand for the digital currency has risen, driving up its value.But such centralization is unwelcome for many users of the currency outside of China.The structure of Bitcoin means that if a single user mines the majority of the currency, then it is able to rewrite the blockchain if it sees fit and even veto changes to the underlying technology.

Recommended for You New Model of Evolution Finally Reveals How Cooperation Evolves China’s Central Bank Has Begun Cautiously Testing a Digital Currency Scientists Sharply Rebut Influential Renewable-Energy Plan The Unaffordable Urban Paradise Why Bad Things Happen to Clean-Energy Startups And change is what it probably needs.If the currency is to grow—which, as the Financial Times argues, it clearly needs to—it will need a technical redesign.Currently, Bitcoin can only tolerate up to 7 transactions per second, which is tiny compared to the many thousands that, say, Visa can handle.Researchers believe that its capacity could be stretched to 27 transactions per second without a complete overhaul, but that's still small.The Chinese companies mining Bitcoin could, in theory, join forces to take advantage of the majority loophole.Given the country in which the most prolific miners operate, the news could raise fears about state control.None of which is helped particularly by the passing of an arbitrary $1,000 threshold.(Read