RATE Group | Bitcoin cash sinks below $1,000
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Bitcoin cash sinks below $1,000

23 May Bitcoin cash sinks below $1,000

Posted at 21:24h in Bitcoin News by

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bitcoin cash price ABCMarkets Insider

Bitcoin cash sank more than 12% Wednesday, falling below $1,000 for the first time since April.

The fourth-largest cryptocurrency by market cap is now trading near $997 per token, even after its recent fork which increased its block size fourfold.

“The Bitcoin Cash network has been displaying some erratic behaviour over the past few weeks, which has contributed to the downwards pressure on prices,” Iqbal Gandham, managing director for eToro, a British crypto firm, told Business Insider in an email. “Despite a recent surge, it’s now moving towards the head and shoulders pattern we’ve seen since last year.”

Last week, bitcoin cash upgraded its software with a patch known as Bitcoin ABC, which increased the size of transaction blocks on the network from 8mb to 32mb. The upgrade also removed the Segwit protocol, short for segregated witness, a process by which the number of transactions in a block can be increased by moving certain signature data from…

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