Bitcoin price touched 5400 dollars as the market triggered a selloff due to the uncertainty of what is going to happen tomorrow with the Bitcoin Cash hard fork/hash war. Bitcoin got down more than 10% and dragged the whole cryptocurrency market down with it. Other cryptocurrencies also suffered. Bitcoin Cash is down by more than 17%.
Bitcoin Price Touched 5400 Dollars
A selloff happened today in an unaware market that had shown little to no movement till this time. Bitcoin price touched 5400 dollars in a day that was signed by expectation about the Bitcoin Cash hard fork that is happening tomorrow. Other cryptocurrencies also dropped badly, with ethereum losing 14% and Ripple shedding 10%.
As it was explained before, the reason that triggered this selloff and this whole market meltdown is the Bitcoin Cash fork that is happening today November 15. Bitcoin Cash, that is already a hard fork of Bitcoin, will fork between two clients: BitcoinABC and Bitcoin SV. But how does this affect the whole market? Well, this is a little embroiled, but the fact is that it does.
While the fork between Bitcoin and Bitcoin Cash was also traumatic for holders and traders alike, the result of that fork was a chain split. This brought some stability to the resulting market. But nobody knows what will happen tomorrow.
How This Affects The Market
Called by some of their proponents a “hash war”, it is unknown if a split will have a place tomorrow. Some miners will support one proposal and others will support the opposite. This will a historic split, in which the strongest chain will be the one to prevail.
But this same uncertainty has made a considerable number of holders to dump their coins into the market. Some prefer to save their funds in stablecoins or in fiat till market instability finishes. However, now that moment is uncertain.
The proposed hash war affects bitcoin in a big way. These all three coins will share the same PoW algorithm. This makes hashing power interchangeable, and that is why tomorrow maybe bitcoin will experience a loss of hash power. Some miners will surely change mining pools and currencies to be present in this war.
What To Expect For Tomorrow?
If everything keeps happening in the same way, this could continue as well tomorrow, supposing this ends quickly and a split happens. But if a hash war between the two chains does happen, it could affect the market for an unspecified amount of time.