Bitcoin fell again on fears of split

Bitcoin fell again on fears of split

Bitcoin fell to its lowest level in five days on Tuesday, amid concerns that the virtual currency would avoid divisions.
Bitcoin, on Tuesday, fell more than 10 percent to $ 2,487.13, according to CoinDesk. This was the lowest level since last Thursday, when the virtual currency hit $ 2,276.16.

Even so, bitcoin prices have more than doubled since the beginning of the year
On last Thursday, more than 80% of the bitcoin development community gave a signal to support BIP91, and the proposal addressed the difference between the two bitcoin technologies, Aug. 1 User Activated Soft Fork and SegWit2x.

Now, people are concerned that the activation of SegWit2x may not be going smoothly.
Bitcoin price action last week. Photo: CoinDesk

"I believe the current market is tugged between optimism about BIP 91, and fear of part 2 of the SegWit2x proposal," analyst Alex Sunnarborg at CoinDesk told CNBC in an e-mail.

The bitcoin development community should agree to increase the block size from 1 MB to 2 MB before the change is deployed in November, otherwise the bitcoin will be fragmented.

Meanwhile, supporters of Bitcoin Cash, another option to block User Activated Soft Fork, said that this weekend they will continue to pursue bitcoin splitting since August 1.

"Big names such as ViaBTC, Houbi, Bithumb, and possibly Roger Ver, supporting Bitcoin Cash from August 1, have raised concerns about the division of the bitcoin community," said Sunnarborg.

Coinbase said: "If UAHF (another Bitcoin Cash name) is activated on August 1, Coinbase will not support this new system. You will not be able to withdraw UAHF version of any bitcoin.

Analysis by Goldman Sachs

A technical analysis report from Goldman Sachs on Tuesday said that bitcoin is still "trading within a defined range of limits." At this point it would be reasonable to assume that the market is overbought. Adjusted until there is real evidence of a consensus within Bitcoin mining. "

Another ethereum also dropped more than 12 percent to below $ 200 and hit a low of $ 193.71, according to Coinbase data.

Virtual currency communities are also concerned about security issues. Most recently, a group of hackers stole the $ 8.4 million token from Veritaseum, according to a statement from its founder, Reggie Middleton.

Earlier on July 19, about $ 32 million was stolen from three virtual wallets specializing in etherum.

CNBC Source