In a report we published earlier, we noted that Bitcoin and Ethereum prices were tumbling again and it turns out that the cryptocurrencies are still undergoing price decline with Bitcoin going below $2500 mark while Ethereum is goes below $200 mark.
The impending August 1 hard fork is possibly one of the major factors that is causing a decline in prices as more and more traders and investors cash out before the chain split that could see the price of Bitcoin possibly go below the $2000 levels. While the newly generated Bitcoin Cash (BCC) could garner some traction – as is evident from the current ViaBTC futures BCC trading – the Bitcoin Core (BTC) could lose some sheen.
BCC is trading at $450 levels as of now in ViaBTC futures and chances are that it could gain a couple of hundred dollars once more and more exchanges and mining pools start supporting it. So a decline in price in BTC could be compensated by increase in prices of BCC thereby making Bitcoin stronger as a whole. However, this is a mere speculation and the market could take any direction post August 1 split.
Ethereum on the other hand has been stagnant over the last week, but the latest decline in Bitcoin price is also having a knock on effect on Ethereum which has seen a over 10 per cent decline of its own.
In fact all cryptocurrencies are trading well below their levels yesterday, with some down by as much as 140 per cent.