The ongoing Bitcoin Cash hash wars have struck another hard blow at the crypto market, with Bitcoin’s price plummeting even further to below $4000. The last time the prices had, sunk so low had been in August 2017, making this a new low after 14 months of better days.
The entire year has been fraught with disappointing lows for Bitcoin. While till last month, prices were hovering around the $6000 point, this month earlier it crashed to a little over $4000. Finally, today, another hit at the crypto price levels have brought the price down to the range of $3700. The last time that Bitcoin prices had crashed this hard, it had recovered spectacularly, leading to the most glorious time in the course of Bitcoin’s price history, touching the $20000 price range during December 2017.
If we are to consider the possible reasons behind the price crash, the most obvious one would be the hash wars caused by a result of the recent Bitcoin Cash fork on the 15th of November, 2018. The fork has led to the formation of two camps: Bitcoin Cash and Bitcoin Cash SV (Satoshi Version). Because of the ongoing feud, both parties are dumping a lot for Bitcoins into the market and this heightened supply is bringing the price of Bitcoins down. Since Bitcoin Cash itself is a fork of Bitcoin, its further fork has naturally influenced the prices of Bitcoin as well. Moreover, the continued iron hand of the US Securities and Exchanges Commission (SEC) when it comes to cryptocurrencies has also not helped the market situation of Bitcoin.
While the bearish gloom and the downward spiral that has gripped the fate of Bitcoin this year might just end with a bullish upswing like it happened last year during the holiday season. However, given that many believe that Bitcoin is a bubble that is about to burst, several experts are of the view that a turnabout is not all that likely at the moment.