$ 3,400 for Bitcoin – A New Record High

The rate of Bitcoin against the dollar has updated the new all-time high on Monday, August 7, exceeding the mark of $ 3,400 during trading. Currently, the crypto currency is traded at $3,415. Thus, the capitalization of Bitcoin reached $ 56.3 billion, as Bitcoin.com data reveals.

The experts agree that the current growth of Bitcoin is connected with the positive reaction of market participants to the occurred and planned changes in the market of Bitcoins. On August 1, the Bitcoin was divided into classic Bitcoin and Bitcoin Cash. This was due to the fact that some of the miners (those who provide their computing resources for the mathematical task of verifying and implementing bitcoin transactions) and crypto currency owners proposed to replace the existing bitcoin protocol with the new SegWit2x protocol.

This replacement should help to increase the speed of transactions and reduce the number of commissions for these transactions. Since not all market participants went to these changes, a special branch of Bitcoin Cash with a new protocol and an increased block size (where transaction data is stored) was allocated from 1 MB to 8 MB. As of August 7, the cost of one Bitcoin Cash coin is $ 329, as CoinMarketCap informed.

Rascally activities of the bank prove the safety of Bitcoin

As cryptual currency Bitcoin strengthens its position in the world of finance day after day, consumers increasingly lose confidence in leading banks. Many companies-investors, users and traders aspire to Bitcoin and innovative technologies due to fraudulent acts and the ineffectiveness of business cooperation with leading banks.

The recent scandal associated with auto loans offered by Wells Fargo flooded the entire financial system. Rumors spread that the organization deceived 800,000 customers and illegally seized 25,000 cars. From various reliable sources, including Boing Boing, it was reported that Wells Fargo forced its borrowers to use the unwanted car insurance service, appropriated money, charging them for false accounts, and unilaterally increased periodic payments of customers on auto loans. Now Wells Fargo has an outstanding debt towards defrauded customers of $ 73 million.

Only in July, there were several banking scandals. European countries, taking into account the case with Wells Fargo, warned that they are actively studying ways to stop the growing outflow of depositors’ money from the banking system. Reuters reports that such measures are necessary to prevent the possible collapse of many leading European banks.