BITCOIN CRASHES OVER $1,300 IN 48 HRS - Has The Bubble Burst Or Healthy Correction?

The world’s most popular cryptocurrency bitcoin dropped below $6,500 on Friday, having fallen well over $1,300 since hitting an all-time high set earlier this week. Bitcoin was trading at $6,499 at 8:30pm GMT on Friday, fixing a 17 percent drop from its record high two days ago, according to data compiled by industry website Coinmarketcap. On Wednesday, the world’s most valued virtual currency touched $7,888 on news that a controversial software upgrade planned for next week was suspended. The change was to introduce a new code proposal, Segwit2x, which could create a competing cryptocurrency, Bitcoin2x. As bitcoin plunged, Bitcoin Cash, a clone of the original that was generated from another split earlier this year, briefly surged as much as 35 percent on the day to around $850. The offshoot was trading at $772.32 at 12:36pm GMT. Despite losing almost seven percent during this week, bitcoin is still up more than 600 percent so far this year. The current market cap of the digital currency is nearly $108 billion, about that of McDonald’s. On Friday, the team behind the fork of the bitcoin blockchain announced the release of a formal software client download on their website. Starting on Sunday, miners and users will get access to processing Bitcoin Gold. “The BTG blockchain will officially be live, with blocks mined openly by users and pools from all around the world,” the developers say. The idea behind bitcoin gold is to decentralize mining operations, which are currently in the hands of large companies that can afford expensive processing chips. Bitcoin gold requires cheaper hardware to mine, and are therefore more available to the general public. Bitcoin cash is gaining as traders who were disappointed with the suspension of the so-called hard fork, or split, Bitcoin Cryptocurrency "Sell Bitcoin" "Buy Bitcoin" trade "trade bitcoin" trading percent profit sell gold "bitcoin gold" "bitcoin cash" dollar wealth wealthy rich 2017 2018 software code blockchain "block chain" "gold bullion" commodity savings investment invest bubble crash "bull market" "bear market" mining "mine bitcoin" tech technology" "accept bitcoin" "pay with bitcoin" future idea may view it as an alternative. Both Bitcoin cash and the version known as SegWit2x have larger block size than bitcoin. Ver, who says bitcoin will have to allow for larger block size to speed up transactions and reduce fees, called the cancellation more reason than ever to be bullish on what he calls "the real bitcoin." “Bitcoin cash is trying to scale everything on-chain but this doesn’t work for a decentralized system,” Lee said in a telephone interview. “Bitcoin cash is also miner-controlled and miner-centralized. It’s pretty much all sorts of wrong.” jim rogers “Bitcoin is all ups and downs,” said Thomas Bertani, chief executive of Eidoo, a cryptocurrency wallet provider that recently became the first startup in the space to take out a full-page advert in the Wall Street Journal newspaper. “The market realized that the price rise was an over-reaching, so people started selling... (and) there are many long and short positions that amplify price movements.” Bitcoin's value does not come from the endorsement, acceptance or regulation from governments. Bitcoin's value comes from the inherent failures, limitations and inconveniences of the fiat money system,” Lee said in a tone befitting a grade school science teacher. From there, he proceeded to defend the price of bitcoin – up more than 600 percent on the year – not as a bubble, but as evidence the protocol is proving its utility as the best way to hold value in the digital age. Far from being tepid about the market, Lee argued those who have been on the fence should invest in bitcoin today, telling the crowd: "The last year, bitcoin has proven itself. What I tell my friends now, is as long as bitcoin is under $10,000, it's your chance to get in. For those of you [who] think it's too expensive, if you look in the rearview mirror, bitcoin has gone up 10x in the last year."









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