Bitcoin has fallen almost 12 percent in 24 hours as the reality of the Aug. 1 scaling deadline unsettles markets.
Current trade prices according to Coinmarketcap, which averages readings from across major exchanges, shows Bitcoin at $2,076 - its lowest price for two months.
The knock-on effects for altcoins in the top 10 were as palpable as ever, with Ethereum, Litecoin and others following Bitcoin downhill.
Ethereum has fared particularly badly over the past week, with monthly losses to its market cap now nearly $18 bln.
As always, internal reactions with cryptocurrency were mixed, some despairing while others are eyeing a keen buying opportunity.
$5.5million of new $BTCUSD short positions have opened up within the last 12hrs on Bitfinex— Alistair Milne (@alistairmilne) July 14, 2017
While a general consensus points to the upcoming hard fork probability as the principal motivation for market uncertainty, mainstream media have been quick to sound the alarm about Bitcoin once again.
“Rival factions of computer whizzes who play key roles in Bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month,” Bloomberg reported Friday, announcing Bitcoin could be “nearing a total meltdown.”
“That has raised the possibility that Bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 bln market.”