In a statement on CNBC, Brian Kelly, founder and CEO of BKCM said that the current drop in the price of Bitcoin , which fell by 11%, would be temporary due to low volatility linked to a fork of Bitcoin Cash.
The Bitcoin falls again, Kelly gives the explanation
If the Bitcoin market was already in a bad situation by falling gradually since the beginning of the year, today, what was hoped to be a stability of the currency of Satoshi to $ 6,000 just turned into a nightmare since it lost 11% of its value in a few days . In this perspective, Brian Kelly of BKCM gives his opinion to shed light on this question.
He declares :
"After a period of absolute calm and minimal volatility in the history of Bitcoin , things have suddenly exploded today. What happened ? Bitcoin Cash, who left Bitcoin last year, is making a difficult fork. "According to him, an internal conflict between the Graig Steven Wright camp, Coingeek, Calvin Ayre and the ABC camp, Bitmain, VIaBTC, Jihan on the exploitation of the BCH would be at the origin of this slowdown after a fork.
"Now, when you make a hard fork, everyone agrees. But in this particular case, everyone does not agree. We ended up facing a crypto civil war, which has repercussions on the users, "he continues.https://videopress.com/v/kENFMaWY
A problem related to BCH, in the short term!
According to this statement, it is therefore an internal competition of the BCH. Indeed, the party represented by Calvin Ayre (Bitcoin SV), is in competition of hash power that could well threaten BCH of a 51% attack.The BCH would be supported by Bitmain in terms of hash power lease from BTC, leaving aside Bitoin, which would be the cause of the latency of the network.
However, Kelly reassures users and says:
"People started selling [...] everyone worried. The whole market has settled. In my opinion, this is a very short-term event. "What do you think of this analysis of Kelly? Comment in the comments section.