Receive all Cointelegraph news immediately in Telegram.
BTC is back, stable over $7K, while BCH continues to slump toward $1K
While the weekend was very chaotic for Bitcoin, things have begun to turn around. Bitcoin has recovered much of its loss, now stabilizing well above the $7,000 mark (running $7,200 at press time). At the same time, after the remarkable gains for Bitcoin Cash the coin has begun losing steam and is slumping below $1,200, or 11 percent down since yesterday.
While many had predicted a complete swap away from Bitcoin Core and a market takeover for Bitcoin Cash, it appears that the entire weekend was ‘full of sound and fury but signifying nothing’.
The drop in BTC resulted in a substantial buying opportunity. Investors who bought at the lows - around $5,700 - would have realized nearly immediate 20 percent returns in just 72 hours. This only further entrenches the view that the best way to invest in Bitcoin is to ‘buy the dip’ and then HODL (‘Hold On for Dear Life’).
The apparent swap in position was set off by the SegWit2X cancellation. This along with many other negative news stories this year led to a massive short term loss. However, Bitcoin continues to remain buoyant.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details