Crypto Futures News & Analysis
Bitcoin is trading at US $4967. the lowest level recorded in 2018.
- What caused the loss in Bitcoin’s value?
- Where will Bitcoin go from here?
- Is Bitcoin still the benchmark of cryptocurrency value?
Bitcoin lost more than US $1,000 per coin. The loss in value has been attributed to the hard fork that has been executed by Bitcoin Cash (BCH), Bitcoin’s baby brother.
Apparently some infighting between a couple of whales, on both platforms have brought a level of uncertainty to all parties involved in the two cryptocurrencies. Craig Wright and Roger Ver, two high profile crypto investors, have gone to war with each other through social media outlets like youtube. They are aggressively attacking the strategy and investment practices of each other, removing confidence from the crypto markets. Craig Wright wants Bitcoin Cash to remain the way it is. His present adversary, Mr. Ver, wants the fork to be implemented.
Co-founder and CEO of the cryptocurrency trading wallet Luno, Marcus Swanepoel, described the Bitcoin value loss this way:
“This drop in the bitcoin price is more than likely due to the upcoming hard fork scheduled by Bitcoin Cash. The Bitcoin Cash blockchain has been undergoing scheduled hard forks every six months to upgrade and improve the protocol. In most cases, these hard forks are uncontested with the whole community supporting them. In this case, however, consensus couldn’t be reached with two factions emerging and proposing different solutions for the upgrade.”
While these two investors duke it out in social media, Bitcoin’s value decreased significantly. Even though some describe the loss in value as a bloodbath others assume a new lower level of resistance is being drawn. The general consensus maintain a vision of Bitcoin regaining value once one of the combatants has secured his victory in whole or in part.
The other opinion about Bitcoin’s sudden drop in value centers around lack of interest in the product. Some analysts say lack of new investors caused the market to lose momentum. Sighting current investors are full of inventory and no longer wish to purchase more cryptos at the higher levels. Therefore their bids have been withdrawn or lowered.