Published: Sun, November 12, 2017
Finance | By Loren Pratt

Bitcoin price crashes over $1000

Bitcoin price crashes over $1000

Bictoin prices fell by £761.21 ($1,000) in just over 48 hours after strong performance at the start of the week.

The world's most popular cryptocurrency bitcoin dropped below $7,000 on Friday, having fallen by well over $1,000 since hitting an all-time high set earlier this week.

Thursday morning, release manager Tom Zander made a public statement that Bitcoin Classic had, "fulfilled its promise", but that "It is now up to you which chain will gain the most traction".

As bitcoin tumbled, Bitcoin Cash, which was generated from another software split on Aug.1, surged, trading up as much as 35 percent on the day to around $850, according to industry website Coinmarketcap.

The Bitcoin Gold developers are preparing the cryptocurrency's network for its official launch.

But by Friday afternoon, the red-hot cryptocurrency was trading down 7.19% at $6,812 at 2:40 p.m. ET. The tweet comes after remaining relatively quiet during the more recent, raging scaling debates. Backers thought the plan would help the digital currency scale faster.

"Saturating the market with different versions of bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins - since you can always fork it and double the supply".

The logic behind the price rise in Bitcoin Cash goes beyond a simple pump, and in fact may be a concerted effort to make it the best-mined blockchain and attract investors.

Any investors, therefore, that see bitcoin more as a currency than a store of value might be choosing to buy into Bitcoin Cash now that Segwit2x had been scrapped, Bertani said.

"The way the actual terms of the bet were written is that there have to be at least 100 blocks on the fork in order for the bet to be considered valid and it sounds like that's not going to happen", Ver said at a bitcoin meetup last night in Santa Monica, California.

"Some traders may have been attempting a "dividend play" on the Segwit2X fork and purchasing bitcoin in anticipation", Blair said.

Another expert told Business Insider backers of the Segwit2X upgrade might be switching over from bitcoin to bitcoin cash, which similarly to Segwit2x has the potential to process more transactions. SegWit2x was also supposed to support original blockchain, 2x chain and new Bitcoin based on the PoW (Proof-of-work).

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