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, now the bitcoin price has already rebounded at 602.51 USD.

The cryptocurrency was last traded in this vicinity June 23, when the offer was around $591.

One of possible explanations for this cheapening is the continuing absence of consensus between developers and miners as to 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).