Its not having any impact on price. Ethereum fell roughly 9 percent from the open, trading near 627 as of 1:30.m. However, that news did not seem to impact the price of Bitcoin as much as wed have expected. How low will Bitcoin go? How many Bitcoins can be mined?
The overall sentiment towards Bitcoin appears to be negative, however, and theres no telling how long itll take until we see a sustained trend upwards. In response, bitFlyer has already begun taking steps to address the concerns. Selling is driven by fear of another China ban, supposedly coming in next 24 hours, Kelly said. The messy forking and concerns of the community over centralization brought in by Bitcoin Cash led to the tanking of the currency which affected the entire market. Ripple was down.6 percent from the open, trading near 72 cents, according to Coinmarketcap. Bitcoins one-week performance, separately, a House Financial Services subcommittee is set to hold a hearing on cryptocurrencies and initial coin offerings Wednesday. One of the first orders of business was to stop new account registrations. My view is it will be a nothing burger since China has been banning bitcoin since 2013. In China, bitcoin cash tanking meanwhile, authorities have seized 200 Bitcoin and Ethereum mining rigs, CCN reports, with a suspect having apparently having stolen 150,000 kW hours of electricity in just over a month. At the time, that was the lowest price for the popular cryptocurrency since it climbed to all-time highs late last year. After this number, the supply of Bitcoin will be untapped. Bitcoin prices dropped from above 11,000 to below 9,000 last week following a statement by the SEC that expanded its scrutiny to cryptocurrency exchanges, and news of compromised accounts on a major Hong Kong-based exchange Binance. Why is Bitcoin falling today?
It is because of the impact on the crypto market was observed following the hard fork of Bitcoin blockchain. Bitcoin prices hit a one-month low of 8,252.39 as of 1:30.m. Other cryptocurrencies, or alt-coins moved in lockstep Wednesday. Heres how things are looking: Image Source: CoinMarketCap, the entire crypto market lost more than 20 billion in value in a single day. As bitcoin cash tanking of the time of this writing, all coins are plummeting and theres no clear explanation as to whats causing the new lows. Bitcoin cash fell.1 percent from the high and was trading near 971 Wednesday.
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