Bitcoin prices have been falling constantly since yesterday, reaching their lowest since late last year.
November 15, 2018 AtoZ Markets
BKCM founder and CEO Brian Kelly told CNBC, that the sharp fall the prices are witnessing have to do with the Bitcoin Cash hard fork.
Bitcoin cash had “seceded” from the regular bitcoin in August 2017, aiming to process more transactions.
The digital currency mentioned gets a software upgrade, which is what is known of Hard Fork, every six months, as per Kelly, who noted that in the case of upgrading a crypto software, there is often a disagreement, unlike what is usual for any software update in general, the thing that causes a decision of splitting and generating a new bitcoin currency, in addition to the previous one.
“So, we’ve got ourselves a ‘crypto civil war,'” added Kelly, referring to that that some traders have concerns that bitcoin and bitcoin cash markets are prone to run into a slowdown or “chaos” upon the software upgrade.
“People started selling. That triggered stops. Everybody got concerned, and that’s what happened today — the entire market sell-down.” Kelly explained.
Advice for both routes started float on the surface
Roger Ver and Craig Wright, both major proponents of bitcoin cash, have started advocating for two different versions of the digital currency.
In his turn, Mati Greenspan, a senior market analyst at the social trading platform eToro, said: “The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday”, as the media reported.
The social media platforms witnessed storms of arguments as well, where crypto traders expressed negative sentiment toward the currency on Twitter on the long and short term., amid expectations that the prices keep swinging drastically over the initial period of time upon the system upgrade Bitcoin Cash has just gone through.
Many prominent cryptocurrency exchange platforms had already announced their intentions to support the new-born currency the fork resulted in, and opened their doors for pre-trading with it, the thing that provoked the fury of those who opposed to the hard fork occurrence, while the platforms referred to argued that such a step would allow a margin for crypto traders and fans to have a feel of how the new currency would look like.