Two days ago I wrote an article about war coming to the Bitcoin world. Today we've got first casualties- us.
Money hate uncertainty. Bad, but trustworthy news are can do much less harm to the market than doubts about the direction in which the asset will go. Especially when the doubting person is a holder that wants to protect his money.
That's why in my opinion the announcement of BCC - Bitcoin Cash, is the reason for today's price drop not only on Bitcoin, but on almost every other cryptocurrency, including STEEM, as they all follow BTC.
BTC lost 11% in the last 24H
The funny thing is that the BCC, currently listed on only one Chinese exchange, is dropping hard too:
BCC lost 27% in the last 24H
Bitsonline.com published today an article, where we can read:
The prospect of a hard fork returned fairly quickly after miners showed overwhelming support for SegWitX early last week. On July 17, bitcoin mining pool and exchange ViaBTC announced that it will designate a “Bitcoin Cash” (BCC) token for trading and mining if a User Activated Hard Fork (UAHF) happens on August 1.
However, the markets didn’t really react to this development until this morning, when Roger Ver — Bitcoin entrepreneur and the face of the big block faction — stated his intention to dump bitcoin and support BCC exclusively if the block size increase portion of SegWit2X does not go through.
Seemingly in response, the bitcoin price dropped by more than $200 — from $2754 on Bitstamp to a low of $2511 — in a matter of hours. At press time, the price is hovering around $2550.
It's $2470 now.
Now, in my opinion we need to wait till July 27 - this is when the new BTC signalling period begins which should display 100% signalling for SegWit2x. If not - we're gonna be in trouble because it will mean that the conflict is escalating. But if indeed all blocks will be signalling for SegWit2x implementation - optimism should return to the markets.
