In the medium term, the course of bitcoin could fall even lower, to $580. The price of cryptocurrencies is affected by the passing in California, a meeting of miners and Bitcoin Core developers.
Bitcoin began to rapidly fall in price Sunday, July 31. In four hours the cryptocurrency have dropped in price by $20, from $654 to $634. After that, the next wave of the downtrend was recorded in the night of 1 August. By 7:00 Moscow time the bitcoin exchange rate reached a local low at $616, then corrected to $623.
The market capitalization of the bitcoin system fell below the psychological mark of $10 billion to $billion of 9.84
The volume of daily trades has not changed significantly and amounted to $101 million, slightly less than Monday a week earlier, on July 25.
According to analysts, the current downward dynamics in the medium term may bring the bitcoin price to $580. Some even suggest that the course of bitcoin falls to the structural support of $450, writes Cryptocoinsnews.
The depreciation of bitcoin may reflect investors ' concerns about the transition of China's largest mining pools in a different Protocol in that case, if the core developers of bitcoin won't release a new client of Bitcoin Core with the increase of block size to 2 MB to 1 August.
July 31 in California, a closed meeting was held between representatives of the Chinese pools and miners and core developers of bitcoin. CoinFox as reported previously, the event had to attend such industry leaders as Bitmain / AntPool, Blockstream, HaoBTC and F2Pool.
About the upcoming event, it became known in mid-July. The organizers of the Bitcoin Core team has stated that they plan to make some materials available to the public, to not look like conspirators. But in practice, no public information concerning the progress and the subject of discussion behind closed doors, did not appear.