Bitcoin Drops 15% over the Weekend

On Saturday, according to CoinDesk, the cryptocurrency dropped 15 percent from nearly $6,500 to a low of $5,507. Previously it was irregularly shooting back up to nearly $6,400. Bitcoin last trade 

was near $6,060.

Bitcoin Drops by 15 percent

After the extreme drop of Bitcoin, the trading in the U.S. stock index typically went halted. However, according to a financial research firm, more than 120 “cryptofunds” and some other digital currencies and related business projects have appeared to invest in bitcoin.

Some analysts said that a major factor behind bitcoin’s seven-fold surge to record highs this year is increased interest from institutional developers.

The newest swings in bitcoin have reflected some disagreement among digital currency developers about bitcoin’s future. As the original bitcoin has fallen, the supporters of the offshoot bitcoin cash show their support by promoting it over the weekend on social media.

In the last few days, bitcoin has retracted despite initially rising to a record high of $7,879.

Developers had called off an upgrade called SegWit2x last week, which was initially planned for around November 16.

The proposal was a way to make bitcoin’s transaction speed and cost to have an improvement. However, the support for the SegWit2x has faded in the last few months.

In the meantime, accoding to CoinMarketCap, that bitcoin cash has soared to a high record of $2,477 in just overnight, before crashing 50 percent on Sunday to a low near $1,224. Over the last 24 hours, the trading volume in bitcoins was around $7.9 billion, against the original bitcoin which was $8.6 billion.

Bitcoin Gold Unveiled

After a rocky beginning, the newest branch of the bitcoin blockchain is finally here.

The creators for the project, labeled bitcoin gold, have published a software for the breakaway cryptocurrency today. They are aiming to block the use of specialized chips for mining. The project revealed that it was eyeing a formal launch on Sunday, a few weeks after it first initiated a split from the main bitcoin blockchain.

The unveiling covers a lengthy period of development for the cryptocurrency, which was followed by bitcoin cash, with nearly $30 billion network that has split off from bitcoin this summer.

Bitcoin gold is representing the latest case of an airdropped cryptocurrency forked from the main bitcoin chain, which was distributed by anyone who owned bitcoin at the time of the split between the two.

As of now, the public mining for the cryptocurrency has started, with some few mining pools opening up in coordination with the launch.


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