Monitored by CoinNess App, as of 03:20 (UTC), the market value of Bitcoin is about $99.2 billion, which is the first time to drop below $100 billion since October 2017. The total market value of the cryptocurrencies decreased by $15 billion within 24 hours.
Does anyone know why?
There was a battle between bitmain and nchain. a lot of hash power have been moving to the bitcoin cash. That makes the miners of bitcoin will be so easy to mine bitcoin and that means they can dump it anytime. Because miners will get more bitcoin to be dumped to the market.
So this should explain why we are in this current scenes. I look around to find an answer and this seems to make sense. But my question is, why move to bitcoin cash? Is this related to BCH hard fork?
Yes, it is. remember there will be two coins after BCH hardfork. The first should be bitcoin ABC that created by Jihan and Roger, the second will be bitcoin SV that created by craight wright aka faketoshi.
As far as i know, Bitcoin ABC is against bitcoin SV. Craight wright didn't agree about bitcoin ABC which will have used POS system.
He was trying to create its own bitcoin called bitcoin SV which will be following faketoshi's vision.
That's why bitmain tried to decrease its hash power on the bitcoin blokchain and then try to put all of the hashpower in bitcoin cash.
https://ambcrypto.com/bitcoin-cash-bch-chain-is-70-controlled-by-craig-faketoshi-wright-as-bitmain-prepares-to-deploy-90000-new-miners/Nchain and bitmain case still related to that problem.
And in my opinion, this is what i call that as a manipulation.