Price fell from $7700 to $5500
Bitcoin reached a new record of $7700, right after the cancellation of the expected fork on Wednesday. While everyone was making optimistic predictions about the price, the price of Bitcoin started to decrease on Friday.
While investors who do not follow the market closely could not make sense of the situation, some news sites said, “Is Bitcoin dead?” The news with the title naturally created panic.. The reason for the drop is as follows:
According to common belief, with Segwit2x’s cancellation, S2X supporters turned to Bitcoin Cash. Bitcoin Cash’s biggest supporter CEO Roger Ver and Mining firm owner Jihan Wu also took advantage of the situation. Big investors (whales) started a flow here by exchanging their Bitcoins to buy Bitcoin Cash.
BTC.top CEO Jiang Zhuoer, who has a serious mining power behind him, said before:
I will do my best to support Segwit2X. Even if I can’t make a profit.
MultiCoin Capital’s managing partner Samani evaluated the situation as follows:
“Many big investors who are supporters of Bitcoin Cash are looking forward to seeing what happens with Segwit2x. Bitcoin was waiting for. Now they’re making their move. I know many people who sold their $10 million worth of Bitcoin and bought Bitcoin Cash.”
BCH, which peaked at $2426, is at the time of writing $1465.
Bitcoin Cash emerged with a fork from Bitcoin.
Their goal was to reduce the lengthy bitcoin sending times and transaction fees, with the increasing demand for Bitcoin, but it has been recognized by the majority of the Bitcoin community. was not adopted. Segwit2x was also going to leave Bitcoin with a fork, and similarly, it aimed to “become real Bitcoin”.
Join our Telegram channel to be informed about all developments and shares!