The fall of the bitcoin prices begin to take alarming proportions as the correction in the prices is now around 20% ever since the news of the cancellation of the hard fork in the bitcoin market came into view. This news was expected to have limited impact but the traders have been grossly mistaken as the prices have since crashed from the $7500 region to below $6000 as of this writing, showing how the market can be risky as well as tempting at the same time as the prices have the capacity to have huge volatility in either direction within a short period of time. The cancellation of the fork has led to doubts about how the network is going to deal with expansion in the future.
Bitcoin Prices Yet to Find Floor
The lack of consensus among the developers in the network has led to the migration of some major investors and miners to other cryptocurrencies which are more pliable to changes and so far, bitcoin cash seems to have found a lot of favor as the prices of that have shot up by more than 200% over the last couple of days. It remains to be seen how long such a trend is going to last as the more miners migrate, less will become the significance of bitcoin and while others benefit, we could see the bitcoin prices crash further in the coming days due to this.
The Ethereum market also seems to have gained a bit due to this confusion as the weeks of choppy and weak trading has given way to some strength in the prices as the demand increases. The ETH prices trade comfortably above the $300 region as of this writing and are likely to gain more in the short term as the investors in bitcoin look for alternatives to diversify their portfolio as the see the prices of BTC fall.
It is a new week again and we are likely to continue to see a lot of action and liquidity today as the traders return from the weekend. The prices of bitcoin do not seem to have found a floor as yet and hence are likely to see some more fall in the short term. On the other hand, it is the turn of ethereum to be in the spotlight and the prices are likely to remain buoyed for the short term.
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