Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in Three Days

Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in the Past Three Days

As of November 12, Bitcoin is trading below $6000. Once the SegWit2x fork was suspended, the price of Bitcoin surged to $7,999 on cryptocurrency exchange Bitfinex, before losing more than $2,000 in a matter of days.

It is worth noting that the recent rally was supported by altcoin sell-off as traders exchanged them with Bitcoin, hoping for “free coins” after the hardfork. Meanwhile, markets seemed to have too high hopes about getting something for free as developers wanted to implement only technical updates and said nothing about a new cryptocurrency. It looks like someone wanted to see Bitcoin reach even higher highs than the ones of a week ago.

On the one hand, the hardfork was meant to solve a problem with mining difficulty levels for Bitcoin Cash. On the other, though, SegWit2x’s opponents declared that its developers did not implement replay protection, asking the community to oppose the new fork. SegWit2x was also supposed to support original blockchain, 2x chain and new Bitcoin based on the PoW (Proof-of-work).

Over the past few weeks, Bitcoin Cash has attracted a solid demand worldwide. Bitcoin cash was trading in the range of $336 to $635, but since Friday Bitcoin cash prices rose to the all-time high of $2422 and currently are trading at $1829. Many investors stood to receive the same amount of coins following the fork, yet this time it seems they were unlucky.

This article is written by FxPro

Published by

Ed Anderson

Ed Anderson has over 35 years of experience in the financial markets, having worked in London, New York, Toronto, Singapore & Australia. His early career saw him as an Interbank Trader, Futures Trader & Voice Broker before he moved to electronic trading in the early 2000s. With extensive knowledge of leverage platforms and instruments and as the Chief Market Strategist at FxPro, Ed provides in-depth Fundamental and Technical Analysis, as well as frequent market insights on multiple asset classes, to the benefit of FxPro clients.