Bitcoin back above $4000, up more than $200 on the day

After refreshing its record high on Monday at $4430, bitcoin made a technical correction yesterday before gathering momentum again on Wednesday. As of writing, the BTC/USD pair is trading at $4345, adding $270, or 6.7%, on the day.

On Wednesday, the official website of Segwit2x, a controversial plan to increase the transaction capacity of the bitcoin blockchain as explained by CoinDesk, released a statement that read, "during the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by Bitcoin miners in a move to increase network capacity. At this point it is expected that more than 90% of the computational capacity that secures the Bitcoin network will carry on mining on top of this large block."

Moreover, a Swiss Bank, Falcon Private Bank, decided to allow their customers to buy cryptocurrencies after receiving an approval from Swiss regulators, including the Swiss Financial Market Supervisory Authority (FINMA). Commenting on this development, "the decision could pave the way for other global regulators to approve bitcoin products," CNBC claimed.