Bitcoin hard fork day brings with it Bitcoin price volatility

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Ethereum Price, Ethereum Trading

Bitcoin price went through a roller coaster ride over the last 24 hours with the prices reaching as high as $2900 only to fall down by $300 to $2600 levels and then finally settling down at $2,700.

As of this writing Bitcoin price is at $2740 levels and trading will likely suspend across all exchanges when the Bitcoin hard fork happens.

One of the primary reasons behind this roller coaster performance is speculators looking to cash-in on the free BCC or those who are trying to get rid of the Bitcoin to be on the safe side and opting for altcoin instead like Ethereum, which saw a near 10{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} jump in its prices during the same time.

Bitcoin prices have remained relatively stable in contrast to what Ethereum experienced last year with the prices plummeting substantially. The relatively stable Bitcoin could be a signal that overall the fork will be received warmly by the market.

Bitcoin Cash (BCC) will be the new cryptocurrency that will be generated and it will have to sell itself and exist alongside Bitcoin. BTC and BCC will be competing with each other in the open market and while individually their prices may suffer initially, the combined prices of the two cryptocurrencies will leave traders in the blue, analysts believe.

What about Coinbase users?

Putting to rest speculations that Coinbase will keep BCC for itself, David Farmer, Director of Biz Ops at Coinbase, said that they are not intending to interact with the Bitcoin Cash blockchain, or to access bitcoin cash (BCC).

Further, if they change this decision in future they “would distribute to customers bitcoin cash (BCC) associated with bitcoin (BTC) balances at the time of the fork on August 1st, 2017. Coinbase would not keep the bitcoin cash associated with customer bitcoin (BTC) balances for ourselves.”

 

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