RATE Group | Bitcoin drops to 13-month low as Bitcoin Cash split stokes uncertainty
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Bitcoin drops to 13-month low as Bitcoin Cash split stokes uncertainty

19 Nov Bitcoin drops to 13-month low as Bitcoin Cash split stokes uncertainty

Posted at 13:15h in Bitcoin News by

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The original cryptocurrency, Bitcoin, slumped to its lowest level in 13 months on Monday as uncertainty around a hard fork in Bitcoin Cash sent the digital currency sliding.


In lunchtime trading, Bitcoin’s price was around US$5,236, down 5.4% on the last close and 17% lower than this time last week.


The lower price has driven the total market cap of Bitcoin below US$100bn for the first time since the Bitcoin ‘bubble’ at the end of 2017, which saw its value increase exponentially on a wave of speculation to around US$17,000 by mid-December before crashing back to around US$7,820 in early February before entering a slower decline.


The plunge began last Thursday as the market was hit by uncertainty regarding a so-called ‘hard fork’ in Bitcoin Cash into tow new currencies, Bitcoin ABC and Bitcoin SV.


A ‘hard fork’ is a radical change to the protocol of a blockchain system that makes previously invalid blocks/transactions valid or invalid,…

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