After more than 24 hours since the Bitcoin price pulled a downward run and lost 11%, the latest digital currency news show that there hasn’t been a concrete recovery action yet. In fact, investors are now more spooked than ever to buy Bitcoin – mostly because of the Bitcoin Cash (BCH) hard fork and the apparent hack which scared many and questioned the future of hard forks like these.
Currently, the BTC/USD rate is up 2.
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21% from yesterday and the low of 5,291-fiat and is now trading at 5408-fiat. The market cap of Bitcoin, however, is still below $100 billion and the chart on CoinMarketCap indicates that BTC/USD is testing a support area of a giant falling wedge formation.
In the case of Bitcoin, however, the negative trend will be more or less driven by fears raised at the behest of a hard fork event. Touted by some as the main perpetrator for the latest crypto crash, the ongoing Bitcoin Cash (BCH) hard fork has split the original BCH blockchain into two networks – BCHABC and BCHSV.
BKCM’s Brian Kelly thinks that Bitcoin’s future is still bright and that investors are confused about the outcome of the said hard fork. Other analysts are also jumping on this bandwagon and saying that the market needs some time before another bullish activity.
However, many also say that the downtrend is far from over and that the coin is yet to find a bottom level.
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