Saturday, November 11, 2017

Bitcoin price drops over $1500 following 'sell the news' of hard fork cancellation

Shortly after news emerged on Nov. 8 of the Segwit2x hard fork being cancelled, Bitcoin rose to a new all-time high of over $7800 per coin.  However this was to be very short lived because over the next three days the price has fallen nearly 20% down to $6350 as investors followed the standard course of buy the rumor and sell the news.


The world's most popular cryptocurrency bitcoin dropped below $6,500 on Friday, having fallen well over $1,300 since hitting an all-time high set earlier this week. 
Bitcoin was trading at $6,499 at 8:30pm GMT on Friday, fixing a 17 percent drop from its record high two days ago, according to data compiled by industry website Coinmarketcap
On Wednesday, the world’s most valued virtual currency touched $7,888 on news that a controversial software upgrade planned for next week was suspended. The change was to introduce a new code proposal, Segwit2x, which could create a competing cryptocurrency, Bitcoin2x. - Russia Today

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