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.
Bitcoin Cash Bitcoin Crash – Yes and No.
Last night was an interesting one for anyone in cryptocoin investing. Some reports had Bitcoin cash Bitcoin crash as a result of suspected insider trading by Coinbase. The basis of this accusation was Coinbase suddenly rolling out Bitccoin Cash (BCH) without any prior announcement. What added fuel to this fire was the sudden surge in Bitcoin cash trading volume with a nearly simultaneous plunge in Bitcoin itself.
The morning after I am happy to report Bitcoin recovered nearly $1,000 of what was lost last night as Bitcoin Cash holds on the gains made last night – with the exception of a sudden and drastic plunge in price by nearly 50% only to bounce back quickly. All told the reports of an epic Bitcoin Cash Bitcoin Crash are greatly exaggerated.
Both camps were out in force last night on Twitter, Reddit and various Facebook groups sounding off this recent turn of events in cryptocoin markets. Things are already returning to normal and as the smoke clears and the dust settles it’s clear that while Bitcoin cash is here to stay and has carved out a market of its own, Bitcoin itself is still king of the hill. With Coinbase adopting BCH it gains a valuable foothold even if there is a cloud of suspicion hanging over this sudden move.
Coinbase had previously announced plans to roll out more coin trading possibilities next year which will squarely secure Coinbase’s leadership position as a cryptocoin exchange. For now, everyone is settling into the new reality of being able to trade BCH as well as BTC while accepting the fact that the great Bitcoin Cash Bitcoin Crash of 2017 really never happened. Those cheering for a Bitcoin bubble are no doubt disappointed that their prediction of doom and gloom fell flat again.
As published here a couple of days ago, the price of Bitcoin (BTC) is a state of change right now but is definitely trending upward.
Bitcoin Wars – Battle of the Blocks.
The plug got pulled on SegWit2x and civil war erupted. The Bitcoin Wars. Many of the people supporting SegWit2x (intended to be a bitcoin fork with 2MB transaction blocks instead of 1MB) have switched their loyalty to Bitcoin Cash which is seen as the next best thing to what SegWit2x was supposed to be. As a result, tons of money has moved from Bitcoin (BTC) to Bitcoin Cash (BCH) in just the past 24 hours or so.
Bitcoin plunged by as much as much as $1800 to $5500 in the past day and seems to be recovering. BTC is now hovering just over $6,000 while Bitcoin Cash exploded by roughly 200% in the last 24 hours and then began to see price drops as well. The word on the street is that BTC is dead and BCH is the new king of cryptocurrency. While BCH certainly has a lot going for it (2MB block sizes, operations are more decentralized, etc.) BTC isn’t going anywhere. We see Bitcoin as fully recovering and back on its year-long trajectory of its price heading right to the moon.
Who will the bitcoin wars? Bitcoin. BTC, that is.
Let’s remember China’s lock down of bitcoin just a few weeks ago. Lots of people back then were saying the same thing; bitcoin is dead, BTC will never recover, etc. and the plummeting BTC price seemed to bear that out. Until Bitcoin fully recovered and then exploded to all new highs in record time – as high as $7800 just a few days ago.
I’m not the only one to predict that a new bitcoin rally is at hand. Smart investors buy on the dips and make a lot of money on the next high Bitcoin has this proven history which no one should ignore.
In the long term I see Bitcoin maintaining its position as the defacto standard in cryptocurrency as upstarts and offshoots continue to fight for every inch of ground in the world of cryptocurrency.