Bitcoin slides by over $1,000 in less than 48 hours

By Elliot Bullman

Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash, sending its value up around a third.

bitcoin

Bitcoin has been on a tear in recent months, with a vertiginous sevenfold increase in value since the start of the year that has led to many warnings the bitcoin market - now worth well over $100 billion - has become a bubble that is about to burst.

It reached a record high of $7,888 around 1800 GMT on Wednesday after a software upgrade planned for next week that could have split the cryptocurrency in a so-called “fork” was suspended.

bitcoin 3

But it has quickly retreated from that peak, falling to as low as $6,718 on Friday. It later recovered to trade around $6,880, but that was still down almost 4 percent on the day.

As bitcoin tumbled, Bitcoin Cash, which was generated from another software split on Aug.1, surged, trading up as much as 35 percent on the day to around $850, according to industry website Coinmarketcap.

bitcoin 2

Investors that see bitcoin more as a currency than a store of value might be choosing to buy into Bitcoin Cash now that Segwit2x has been scrapped.

RELATED NEWS

  • Artificial Intelligence is Transforming Mexico’s Financial SectorArtificial Intelligence is Transforming Mexico’s Financial Sector
  • Mexico’s IRS Chief Evaluates Blacklisting the United States as a Tax Haven (REFIPRE)Mexico’s IRS Chief Evaluates Blacklisting the United States as a Tax Haven (REFIPRE)
  • AmericaAmerica's Passion for Guns: Ownership and Violence by the Numbers
  • US Breaks Ground on New Embassy in Mexican CapitalUS Breaks Ground on New Embassy in Mexican Capital
  • Cape Town Drought Declared a Cape Town Drought Declared a 'National Disaster'
  • Canada and the U.S Exchange Criticism Amid Rising Tensions over NAFTA NegotiationsCanada and the U.S Exchange Criticism Amid Rising Tensions over NAFTA Negotiations
  • Oxfam: Deputy Resigns Over Sex Claims Amid Crisis TalksOxfam: Deputy Resigns Over Sex Claims Amid Crisis Talks
  • TrumpTrump's Infrastructure Blueprint Labelled a 'Scam'
  • Mexico Leads OECD Nations in Reducing Mobile Interconnection RatesMexico Leads OECD Nations in Reducing Mobile Interconnection Rates
  • OPINION | Perversely, good economic news has spooked the stock marketsOPINION | Perversely, good economic news has spooked the stock markets
  • Disney raises prices of U.S. theme parks’ ticketsDisney raises prices of U.S. theme parks’ tickets
  • New York State sues Weinstein CompanyNew York State sues Weinstein Company
WATCH LIVE TV



Most Read Articles
Most Watched Videos
  • Generations Riviera Maya
  • Mayair

Language

Mexico News Network
All rights Reserved 2018