It’s a Wild, Wild Ride!
As I write this, Bitcoin has gone from a high of $7,701 on November 8 to a low of $5,672 on November 11 and modestly back up to $6,520 now (on November 13). We usually see such wild swings when there’s a geopolitical event of some kind. What’s going on now?
The story begins with the aborted SegWik2x fork that was scheduled to happen on November 16, which was called off due to lack of community consensus. Evidently, many investors purchased Bitcoin in anticipation of receiving free SegWik2x tokens following the fork. Now there will be no fork.
Move Over Bitcoin, Here Comes Bitcoin Cash!
Oh boy. Next we stir Bitcoin Cash into the mix.
The folks who purchased Bitcoin expecting free tokens post-fork began to sell, and sell fast, moving their investments…