BITCOIN SLUMP CONTINUES AS BITCOIN CASH RALLIES 60%
BITCOIN SLUMP Bitcoin added to losses on Friday, a day after setting fresh all-time highs amid growing investor concerns that the digital currency could face a second split in November.
On the U.S.-based Bitfinex exchange, bitcoin fell to $4,062.6, down $272.4 or 6.28%.
Following the adoption of the first part of Segwit2x, a software upgrade to speed up transactions on the bitcoin network, investors feared that the second part of the Segwit2x update due November, could result in a second split in the blockchain supporting bitcoin.
The second part of the SegWit2x seeks to double the transaction capacity on the bitcoin network, allowing speedier transactions, however, not all members of the bitcoin community agree with the proposal, raising fears of a yet another split in the digital currency – an event known as a ‘hard fork’.
Bitcoin’s blockchain split into two on August 2, after members of the bitcoin community rejected the first part of the SegWit2x upgrade, creating a competing currency called ‘Bitcoin Cash’.
Bitcoin Cash rallied 60.25% to $603, on the back of a surge in trading volume on Korean exchanges while Ethereum, dipped by 4.06% $291.36
|Chart | Calendar | TRADE NOW | FORCAST | cryptocurrency