Investing.com - Bitcoin prices rose sharply on Thursday, extending their recovery from the lowest level in more than two months amid easing concern over the future of the digital coin.
Bitcoin was at $2,599.90 on the U.S.-based GDAX exchange operated by Coinbase by 9:50AM ET (1350GMT), up about 13%, or $300.00.
Prices spiked higher amid news that about 80% of Bitcoin's mining power, including AntPool, BitClub, Bixin, BTC.com and BitFury, have signaled support for the scaling proposal Segwit2x.
The final vote on the proposal is due on August 1.
The cryptocurrency plunged from above $2,000 to as low as $1,758.20 at the start of the week as investors remained wary of initiating large positions ahead of the controversial scaling proposal, which has threatened to divide the cryptocurrency.
Sentiment received another boost after influential Wall Street investment bank Goldman Sachs (NYSE:GS) said the cryptocurrency could test the $3,000-level again after holding key support levels.
Meanwhile, Ethereum, Bitcoin's closest rival in terms of market cap, was up around 4% to $228.00 in early trade. It dropped to $130.26 on Sunday, its lowest level in more than a month.
Other prominent cryptocurrencies such as Litecoin, Ripple and Dash also traded higher.
To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/