Bitcoin Plunged Below $600

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02.08.2016

Bitcoin price has been moving downwards for two weeks already. On Tuesday, August 2, it plunged down to $595 for a short while. However, at press time bitcoin price has already rebounded to 602.51 USD.

The largest cryptocurrency was last traded at these levels on June 23, when it was changing hands at around $591.

One of possible explanations for such price drop is the continued absence of consensus between developers and miners regarding the network’s scaling.

It’s hard to say whether this theory is true. Last weekend, California hosted an unofficial meetup of bitcoin industry players, which suggested that no agreements were to be concluded. Still, the participants of the meetup, namely Bitcoin Core and Lightning Network developers, as well as representatives for Blockstream, Bitmain, AntPool, HaoBTC and F2Pool, remain silent as to the event’s details.

Remarkably, the price speculations during such events isn’t something new. For that reason, making serious assumptions in that case would be unreasonable.

Current bitcoin prices according to Coinmarketcap.com

The current bitcoin prices according to Coinmarketcap.com

Another factor possibly influencing bitcoin price is Ethereum Classic’s rate explosive growth. On Monday, CHBTC, a major Chinese exchange, has announced it supports ETC. The news also suggested that ETC would be included on the list of supported currencies at BW.com, a mining pool behind CHBTC.

According to trading experts, exchanging BTC for ETC is currently an active trend, which stimulates the price growth of the latter.

At the time of writing, bitcoin is traded around $600, thus losing nearly 5% of its worth over the last 24 hours. Over the week, the cryptocurrency has cheapened by nearly 10%. On the other hand, ETC price has increased by 60% over the last 24 hours. Its price currently stands at 0.00479 BTC ($2.8).

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