SegWit2x 'Tantrum' Pressures Bitcoin to 8% Slump as Bitcoin Cash Jumps 40%

by Ben Pena November 13, 2017, 0:21
SegWit2x 'Tantrum' Pressures Bitcoin to 8% Slump as Bitcoin Cash Jumps 40%

But, SegWit2x supporting businesses and their executives including Xapo President Ted Rogers emphasized that the short-term price trend of Bitcoin Cash has been inorganic and unsustainable, given its 100 percent increase in value within a single day, and the concentration of the trading volumes in the South Korean cryptocurrency exchange market.

Bitcoin cash's rise appears to have come at the expense of bitcoin, which dropped to a low of $5,512 per coin over night.

The price of bitcoin, the red-hot digital cryptocurrency, was trading down 7.2% on Friday afternoon, at $6,618 a coin.

Cryptocurrency experts told Business Insider that backers of Segwit2X are likely dumping their bitcoin and jumping on the bitcoin cash bandwagon.

Bitcoin Cash was itself an outcome of this dispute.

The offshoot digital currency surged more than 30% to its highest since August 19, and was last trading near $876, according to CoinMarketCap.

What's your take? Do you think the future is bright for BCH, or do you think this price surge is just a temporary result in the aftermath of the SegWit2x failure? But there is no weight yet behind Bitcoin Cash: virtually no users or businesses, nothing outside of hash power & pumped price.

Other notable personalities like Jack Liao, CEO of Hong Kong-based mining firm LightningASIC, who has been a noted critic of the mining operations called the recent surge in Bitcoin Cash as "total bullshit".

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Trading volumes for Bitcoin and Bitcoin Cash rose to unseen records, boosted by the Korean markets.

While many supporters of smaller blocks celebrated the cancellation of the 2x fork, we may be seeing a functionally similar weakening of Bitcoin play out anyway.

One obvious fact is that both Bitcoin and Bitcoin Cash has contrasting visions. But it still couldn't gain enough support to be implemented on the primary Bitcoin blockchain.

Bitcoin cash has shot above $1,900 according to coinmarketcap, more than double its value on Friday when it had already hit a three-month high.

The only thing about Bitcoin Cash is that it doesn't enjoy a global investor support like Bitcoin.

"Some traders may have been attempting a "dividend play" on the Segwit2X fork and purchasing bitcoin in anticipation", Blair said.

Exchanging Bitcoin Cash was also hard due to the high load on exchanges and the increased demand.

Apparently Bitcoin holders who wanted the bigger blocks are flocking to Bitcoin Cash, which increased its block size to 8 megabytes.


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