This is why Bitcoin and other cryptocurrency prices are down @BlockRush
Bitcoin prices are done! Steem prices are going down! Ethereum prices are going done! All crypto-currencies are hurting. No matter how diversified your crypto-currency portfolio is, you might be panicking and wonder, just what on earth is happening?
There are several factors accounting for the price crash of crypto-currencies, however we would discus just a few.
Main cause of the price crash
The main cause of reason why Bitcoin and alt-coin prices are going down is due to the challenges currently faced by Bitcoin and Ethereum, the two main major crypto-currencies.
Challenges facing Bitcoin
There are several technical challenges facing Bitcoin and many believe a proposal call SegWit2x would address most of its challenges.
SegWit2x activation would begin on August 1 with the activation of SegWit, however due to opposition from some of Bitcoin's core developers there are fears there would be a civil war which could result in a split, a bugged upgrade or even the destruction of the network.
The fears of the potential negative outcomes of 1st August is what has caused its price to crash as most investors are diversifying in an attempt to hedge their funds from any possible naughty outcomes of August 1.
Challenges facing Ethereum
Like Bitcoin, Ethereum is also facing several challenges which include:
- congestion on its network which is slowing it down
- the rise of competitors particularly EOS
These challenges have cause investors' confidence in Ethereum to waver as they look forward to invest into new competitors which have the promised to address the challenges facing Ethereum.
What is SegWit2x and what happens on 1st August?
Read more about the upcoming Bitcoin civil war in our special report:
Bitcoin, SegWit2x and everything you need to know about 1st August @BlockRush
What do you think?
Let us know of your opinions by commenting below! Follow @BlockRush to receive updates one the Blockchain powered series as well as other intriguing #Blockchain reports.
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That's very crazy.
@duckmast3r, you should see this > https://steemit.com/bitcoin/@blockrush/alphabay-straw-that-broke-the-bitcoin-carmel-s-back-blockrush
Interesting read I hope they get they act together soon it's costing people money. Cheers mike
I agree @mikenevitt, you have been a loyal reader, please tell us what you think of > https://steemit.com/bitcoin/@blockrush/alphabay-straw-that-broke-the-bitcoin-carmel-s-back-blockrush
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