Wednesday, October 25, 2017

Both Bitcoin and Bitcoin Gold fall in price following hard fork and creation of alt currency

When it comes to the volatility of Bitcoin, there is rarely any rhyme or reason why it rises or falls 5-20% in a given day.  Some may postulate it is tied to spurious opinions made by the likes of Jamie Dimon, while others try to point their finger at China's restrictions on ICO's and exchanges.  But either way, Bitcoin undeniably trades like a speculative asset much more than it does as a currency.

Which begs us to wonder what is the newest cause behind the Bitcoin price falling around 6% from its recent all-time high of $6150 per coin, and why there was a selloff immediately following the 'Hard Fork' that spun out another alternative form of cryptocurrency in the name of Bitcoin Gold.

The bitcoin rally has stalled after the so-called ‘hard-fork’ split of the digital currency, which has created another virtual currency - called bitcoin gold. 
The world’s largest cryptocurrency plunged as low as $5,386 on Wednesday before rebounding to $5,595. 
Bitcoin, which is up more than 400 percent this year, has seen bitcoin gold officially split from the bitcoin network. 
"Instead of scaling bitcoin to support more users, bitcoin gold tweaks bitcoin in an effort to 'make bitcoin decentralized again," wrote cryptocurrency watcher CoinDesk. 
"This, proponents argue, will make the network, designed to offer an egalitarian way to send payments digitally around the globe, more accessible to users," it added. 
The newly-created bitcoin gold faced serious losses, falling nearly 60 percent to $164.75. The price fall is partly connected to a hacker attack on bitcoin gold’s website. - Russia Today
Perhaps we should accept that Bitcoin has now fallen into the same paradigm that is used in investing all across the Western world, and that is to buy the rumor, and then sell the news.

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