Bitcoin price has declined by over $200 in just a few hours from a high of $2800 to as low as $2515 before stabilizing at $2,580 levels at the time of this writing.
Due to this decline in Bitcoin price, trading volumes have increased giving an indication that people are seemingly worried about a possible price crash again and selling as many Bitcoin as possible to rake in some profits. Data from various exchanges indicate that the volumes have risen by as much as 30 per cent over yesterday’s volumes from under $1 billion to $1.3 billion.
Trading volumes on Coinbase’s GDAX aren’t as high as they generally are and that’s because of their stance of not allowing customers to withdraw Bitcoin Cash. This has angered investors as well as traders who have started withdrawing their Bitcoin to other wallet providers and carrying out trades on other exchanges.
Ethereum price has also taken a little beating. Ethereum is down from a high of around $225 to just above $205. The last few days have been rather stagnant for Ethereum with prices hovering at $220 levels and trading volumes showing no major ups and downs, but considering today’s price fall, Ethereum trading volumes have increased.
We are just a week away from the hard fork scheduled for August 1 when Bitcoin is going to be split into two new coins as a result of the first chain-split. The first one will be Bitcoin Core that will continue with BTC ticker for now and Bitcoin Cash (BCC).
Bitcoin Cash is already trading on ViaBTC futures with prices at around $470 levels as of this writing making it a strong contender in the cryptocurrency market share.
Some exchanges and miners, like Kraken, Bithumb, ViaBTC, Bitcoin.com’s pool, have confirmed that they will be listing BCC for trading or will allow their miners to choose it for mining. Others like Coinbase and GDAX have said they will not be supporting BCC in any way. These wallet providers and exchanges may eventually change their stance depending on the overall market posture post the split.