The dip of Bitcoin, the flight of Bitcoin Cash!
After the controversial decision to cancel SegWit2X was passed, Bitcoin literally dipped on Friday and reached its lowest price since the beginning of the month.
The traders have preferred his branch Bitcoin Cash, and it has made a flight and reached its highest level since August 19 and was trading today at 1200 USD!
As a reminder, Bitcoin Cash broke away from the original Bitcoin in August, after some developers decided to improve the transaction speed of the cryptocurrency.
On Wednesday, there was to be another upgrade, called SegWit2X, but this one, victim of a decreasing support, was canceled.
Initially, this news had the effect of reaching peaks at Bitcoin, and the price of Bitcoin was then 7879.06 USD!
But from Friday it was down 9%, and today it was trading at 6351 USD, its lowest price since the beginning of the month!
Chris Burniske, author of “Cryptoassets: Innovative Bitcoin Investor’s Guide, and Beyond,” explained:
“You could see people trading between bitcoin and cash bitcoin depending on where they thought the short-term catalysts could be, it was an investor battle against traders who stocked bitcoin to get their” bitcoin2x dividend “.
Because at the time of a split, Bitcoin investors are expected to receive equivalent amounts in the new currency.
Some had bought Bitcoin hoping to receive the new digital currency and thought they also benefit from the rise of Bitcoin that should have happened inevitably at the time of the split.
At the creation of Bitcoin Cash, the mining process of the new currency was then 13.6% more profitable than the Bitcoin mining.
But Bitcoin tends to recover quickly from such situations, and institutional investors are interested in this promising currency, and among them, the world’s largest futures exchange, the CME, which are planning to launch Bitcoins of here the end of the year.