Economic news

Bitcoin plummets losing $38 Bln as competitors go up

Bitcoin continued its fall on Monday due to a number of users ditching the virtual currency because of refusal to upgrade technology, and driving away speculators from the cryptocurrency that has shown growth over 500% in 2017.

Since Friday Bitcoin plummeted 15%, but it managed to slow the slump to 1.5% this morning in Britain.

The leading cryptocurrency’s competitor Bitcoin Cash that emerged just several months ago, has leaped by 22% from Friday, as Coinmarketcap.com figures show. Bitcoin cash is known for the bigger block size that renders transfers quicker and less costly, which attracts more new users.

On Wednesday a part of Bitcoin community rejected proposals to enlarge virtual currency’s block size, therefore some of those who were in favour of the change shifted to Bitcoin Cash.

This volatility is extraordinary even in the world of Bitcoin and it happens just at the time when financial institutions, banks and companies started to take interest in the cryptocurrencies.

Some say that Bitcoin’s robust rise is a bubble, but at the same time Wall Street is unable to ignore it any longer. And though it lost around $38 bln since Wednesday, the cryptocurrency’s market value makes up as much as $105 bln.



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