Bitcoin Cash Chaos – The Prime Suspect Behind Today’s Crypto Crash
Bitcoin dropped nearly 12%. Bitcoin Cash almost 20%. Ethereum wasn’t immune; it took a 14% hit too. Lots of altcoins got battered today also. In my opinion the Bitcoin Cash hard fork tomorrow is the trigger of all this; Bitcoin Cash Chaos.
Here’s my take; spooked investors dumped BCH to sit on the sidelines and see what happens when the hard fork hits. Bloomberg speculates a selloff of BTC and other coins to free up capital to buy BCH in case it plunges after the hard fork. I agree. Coinbase seems concerned by what will happen to BCH tomorrow too. Observe…
Bitcoin Cash Chaos is in full effect. We’re talking Wild, Wild West stuff here.
The brave (foolish?) cryptocoin investor could see this as a buying opportunity. Rebounds could make a lot of money for a lot of people tomorrow.
On the other hand, continuing Bitcoin Cash chaos could lead to further, possibly even catastrophic losses tomorrow.
We advise extreme caution with your cryptocurrency trading decisions in the immediate future. Do your own research and only invest money you feel comfortable losing. Treat your buys and sells as if you were gambling. How much money can you afford to lose after you put it on the table?
The Bitcoin Cash hard fork tomorrow gives investors a second thing to worry about; fake coins. When Bitcoin Cash split a year ago, it ignited a forking craze in which dozens of software-development teams sought to create money out of thin air by tweaking the original computer code and releasing coins with “Bitcoin” in their names.
On an optimistic note, there is good history to learn from too; Bitcoin plunged to levels under $6,000 time and again since late last year, only to see buying return and prices come roaring back.
Let caution and patience be your guide.