OMG What is Happening with Bitcoin

OMG What is Happening with Bitcoin
OMG What is Happening with Bitcoin

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Why Did Bitcoin Price Crash?
As to the cause of yesterday’s price crash, there is still no consensus. “It’s a little hard to pinpoint,” says Tanooj Luthra, co-founder of Elph – a scaling network that consolidates transactions on Ethereum. As examples, he pointed to two events that occurred in tandem with the slide in cryptocurrency markets.

The first one was the monthly expiration of bitcoin futures at Cboe. The second possible reason for the slide in cryptocurrency markets is a fork in Bitcoin Cash, the world’s fourth most valuable cryptocurrency, into Bitcoin ABC and Bitcoin SV.

Luthra says the fork might result in a shifting of mining resources from bitcoin’s blockchain to that of bitcoin cash because both cryptocurrencies share the same algorithm to mine new coins. Mining power is an important consideration in determining a cryptocurrency’s availability and trading in the markets.

“If the price of one of these two (Bitcoin ABC and Bitcoin SV) goes up, it becomes more efficient for miners to start mining the more valuable coin,” he explains, adding that the “uncertainty” in future valuations for bitcoin may have triggered a selloff.

Appearing on CNBC, Chris Burniske – author of a book on crypto assets, dismissed the idea of mining shifts. “It (Bitcoin Cash) has its own network. Its own drama,” he said. “I don’t think it is really relevant to bitcoin even though it clearly does have implications for market sentiments.”

Cryptocurrency investments are subject to market risk. Please do research about cryptocurrency and only then make your mind. I’m not a financial advisor. I’m just sharing my experience and reviews which might help.

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OMG What is Happening with Bitcoin