Bitcoin Plunged Below $600
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.
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).
Subscribe to our Newsletter<
- Ethereum Classic Developers Hope to Get a Full Picture of a Potential 51% Attack Soon
- Ethereum Back to Crypto Second Spot Amid Market’s Moderately Positive Growth
- 2018 is the Year of Crypto Correction According to Binance CEO Changpeng Zhao as Bitcoin Goes Bullish
- New Evidence Suggests Tether Has the Billions It Claimed – Report
- Thomas Lee Remains Bullish Despite Bitcoin Price Sinking to New Lows
- Mining Difficulty Records Second-Largest Drop in History as Bitcoin Price Hovers Below $4,000
- Bitcoin Price Desperate to Break Out From Below $3,800 as the Markets Reach Lowest Levels Since September 2017
- Bakkt Sees Most Demand in Bitcoin as the Futures Platform Launch Delayed Until January 2019