The notoriously volatile cryptocurrency bitcoin has fallen to its lowest price this month after rallying in the first week of November and then crashing by more than $1,000 on Thursday and Friday.
The price of a single bitcoin is down 4.53 per cent at $6,272.24, according to Coindesk's aggregate index, a level it hasn't reached since the end of October.
Bitcoin surged to an all-time high of almost $7,900 on Wednesday, before dropping by more than $1,000 in 48 hours.
The surge was prompted by the suspension of a software upgrade that could have split bitcoin into what's called a "fork".
The most recent slump came as some traders dumped it for a clone called bitcoin cash, which has seen its value soar in the last few days: it's price is now up by 54 per cent to $1,247.
OHHH. What is the happening to the bitcoin price ? 6,300$ is not the bitcoins lowest level for this month. It drops more than 1,000$.
https://bitcointalk.org/index.php?topic=2391371.0Me too, I also wonder why there is a big dump? Then someone also said in the thread BCH is now pumping. From 1,247$ you have said today it is already 2,800$. So quick. What a lucky day for those who invested it. I hope bitcoin remains on top. Bitcoin drop is normal and will recover from this. But with the bitcoin drop, it already affects lots of people.
Actually, it seems to be bouncing back after having reached a much lower low of somewhere around ~$5800. It also seems on the other hand the Bitcoin Cash is now going back down after the huge pump that it had today. It originally was much higher than it currently is. This position movement really makes you question the moves behind the rise of Bitcoin Cash over the past few hours, as it seems that a big part of the market for Bitcoin Cash originated from Korea and might have been orchestrated. It must be quite significant given that Bitcoin took a huge hit in price against fiat, albeit to be fair, correlation does not necessarily equal causation, so maybe it is all just a coincidence, but I highly doubt it. For those of us who are not day traders, it is best to just hold.