The current Bitcoin news is not in the favor of cryptocurrency investors and enthusiast as the Bitcoin’s price takes a dive down after seeing several weeks of growth.
The BTC cryptocurrency which has become the center of attention of the whole wide world when it passed the price of $19,850 a few days ago, lapsed down by 10% in few days to $16,000 today. Bitcoin is extremely volatile, and its value expected to be shift wildly as told by experts.
The other cryptocurrency like Litecoin and Ethereum also saw the loss, as Litecoin was down by 5% to $258 and Ethereum was also down by 4% to $1032 after it was up by 20% since last week.
According to reports, one of the biggest reason to BTC price falling down is when Coinbase, the leading and most preferred platform for buying and selling BTC in the United States, announced that traders could buy and sell BTC cash on its platform very soon. With this news, BTC cash surged more than 60% to an all-time high of $3,676.
According to Coinbase, send and receives will be available immediately. Buys and sells will be available once there is sufficient liquidity od Bitcoin cash on GDAX and this could be available by Wednesday. This follows a recent surge in BTC cash and following the announcement, most cryptocurrencies have seen a small downfall.
Bitcoin cash came into action on Aug. 1 when a group of developers decided to try to improve Bitcoin’s transaction speed and costs. They believed that it favored people who wanted to use Bitcoin as a digital investment rather than transactional currency.
Upon launch, BTC cash inherited transaction history of the digital currency Bitcoin till that date, but all transactions were separate after that date. On August 9, it was considered 30% more profitable to mine on the original chain but the most profitable chain of mine has shifted repeatedly between BTC cash and BTC several times till August.
No one can really predict when exactly the Bitcoin bubble will burst and if it will even burst or not. This is true with the cryptocurrencies market just as it is with the stock market. Bitcoin is often compared to various bubbles that have happened before like the Dotcom bubble but BTC and Blockchain technology is completely different.
However, there are serious fear factors that BTC has created a bubble that could burst any moment as many financial experts are advising potential investors to avoid getting involved in Bitcoin.