Bitcoin is hurting this summer. In fact the whole crypo market is blood red 💔. Bitcoin was about to break $3,000 and Ethereum was at $400. Today Bitcoin is barely over $2,000 and Ethereum is under $200. You may be thinking, "WTF is happening?" Well, let's cover those reasons below.
1. Bitcoin SegWit 2x
Bitcoin is undergoing it's own segregated witness, "SegWit 2x" for short. SegWit 2x could result in a hard fork to split Bitcoin into 2 coins. This process is expected to undergo throughout July 21st (SegWit 2x release), August (adoption), and finally November hard fork. This short term risk has made investor withdraw from Bitcoin until SegWit 2x has more certainty.
2. If Bitcoin Falls, Most Alt Coins Fall
Bitcoin is the most popular coin to be traded with majority of crypto currencies. Therefore, the decrease in Bitcoin confidence has a negative impact on the circulation of Alt Coins.
3. ICO Falling Out
ICOs have raised millions and millions of investment in the beginning of the year, but over optimistic investors took a hard bite on returns when their tokens were worth less, or the ICO didn't deliver on expectations.
Tip: What to do now? Nothing really, but buying alt coins while their low may be a good idea when the market recovers from SegWit 2x :P