Economy

Bitcoin tumbles from record after upgrade is called off

Bitcoin tumbles from record after upgrade is called off”

Bitcoin added to losses sustained in the previous session falling to its lowest since Nov.1 as traders continued to abandon their bullish bets after it avoided a split in its underlying software.

The Bitcoin price (BTC/USD) has dipped below $7,000 for the first time since November 2, after experiencing a sharp correction in Friday trading.

However, many of bitcoin's core developers opposed it and most miners and many businesses supported the change.

It means there are still concerns about the speed of the bitcoin network. The hard fork could have succeed if most participants agreed on the proposal, but instead of that, the company faced with the lack of consensus putting the whole network under the risk of splitting.

"You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be", said Chris Burniske, author of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond.

Bitcoin's price has retreated by a significant $600 after reaching a new all-time high recently.

Bitcoin cash, the cryptocurrency that split off from bitcoin earlier this year, jumped against the dollar on Friday.

In contrast to bitcoin, bitcoin cash boasts a block size of 8 megabytes with the ability to process transactions at a faster rate. Bitcoin cash allows for bigger "blocks" of transaction to be processed, speeding up the network. The digital currency has lost 5.1% of its value over the past 24 hours, according to data from cryptocurrency tracker Coinmarkecap. "If the Bitcoin community doesn't come to a consensus about how to scale the network soon, it may run into congestion, in which case people will need an alternative". The analysts say that both options are possible, it still remains to be seen.



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