Over the past 72 hours, the world's most popular cryptocurrency, Bitcoin, has lost 20% in price, dropping from its peak at $ 7,888 to $ 6,482 as of today. Several related events led to this situation, after which many Bitcoin owners were disappointed in the prospects of this cryptocurrency.
In recent months, Bitcoin has been growing in anticipation of SegWit2x hard fork, which allowed Bitcoin owners receive a correspondent amount of the after-fork coins for free.
If you are not familiar with the term, a hard fork is a change in the program code of the blockchain, which leads to a split in the network and the creation of a new one, allowing the application of previously inadmissible blocks. Bitcoin has already gone through two hard forks, which led to the creation of new currencies - Bitcoin Cash and Bitcoin Gold, which were deprived of a number of problems of the mother currency. Both times Bitcoin owners received BCH and BTG respectively.
The cancellation of the SegWit2x hard fork, which was expected since May this year, and the disagreement on this matter forced users to question the future and potential of the classic Bitcoin and go to other cryptocurrencies.
These fears warmed the statement of representatives of Bitcoin Classic, another coin that appeared after a fork, about the closure of the project due to SegWit2x failure. They said that Bitcoin Cash was the only hope to make Bitcoin scalable.
Citigroup experts are sure that in the next few years, Bitcoin mining would be profitable only at a price of more than $300 thousand, which is too difficult to imagine for average persons. All this is happening amid increased activity from countries to regulate cryptocurrencies and ICOs.
Bitcoin Cash had an incredible day on Friday, adding over 50% and hitting $1000.