Bitcoin inches higher after Taproot upgrade
05:03, 15 November 2021
Bitcoin was trading above $65,000 on Monday after the activation of its highly anticipated Taproot upgrade, which is aimed at improving the privacy and utility of the Bitcoin network.
On Monday, Bitcoin (BTC) rose 1.7% over the last 24 hours to $65,865.28 in early Asia trade.
Bitcoin’s first major upgrade in four years, Taproot, was activated on Sunday.
“Unanimously supported”
“Taproot is arguably the most important and anticipated upgrade to the Bitcoin network since the Segregated Witness upgrade in 2017— a controversial upgrade that would divide the community and spawn the Bitcoin Cash hard fork,” said Sofia Blikstad, analyst at Arcane Research.
“The fact that Taproot is almost unanimously supported highlights just how significant this coming upgrade is.”
“Taproot is a proposed upgrade of the Bitcoin protocol that promises increased privacy of multi-signature transactions and to unlock the potential for smart contracts to run on the Bitcoin network,” Blikstad added.
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VanEck’s spot Bitcoin ETF rejected
It is most likely that the market had already priced in the anticipated Taproot upgrade, having seen Bitcoin prices rise as much as nearly 50% over the last three months.
However, gains over the last seven days were muted for the bellwether cryptocurrency at 0.8%.
Euphoria from recent bitcoin exchange-traded fund (ETF) approvals fizzled out after market watchdog US Securities and Exchange Commission rejected VanEck’s spot Bitcoin ETF application last week.
Crypto.com coin surges
Elsewhere, the number two cryptocurrency Ether (ETH) inched 1.4% higher to $4,703.97. Blockchain platforms Solana’s SOL and Cardano’s ADA rose 2.8% to $243.53 and 0.7% to $2.05, respectively, in early Asia trade on Monday.
Meme coins Shiba Inu (SHIB) slipped 0.9% to $0.00005274, while rival Dogecoin (DOGE) edged 0.8% higher to $0.2636.
Crypto.com coin (CRO) was the top gainer on Monday jumped over 15% to $0.4765 to take its seven-day gain to over 28%.
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