Gear Up: Bitcoin Cost set bellow ₦728K ($2,000) As August 1 Approaches

Bitcoin has fallen almost 12 percent in 24 hours as the truth of the Aug. 1 scaling deadline unsettles markets.

Current trade prices in accordance with Coinmarketcap, which averages readings from across major exchanges, shows Bitcoin at ₦728K ($2,000) - its lowest price for 2 months.

The knock-on effects for altcoins in the most effective 10 were as palpable as ever, with Ethereum, Litecoin and others following Bitcoin downhill.

Ethereum has fared particularly badly within the last week, with monthly losses to its market cap now nearly  ₦6.5 Trn ($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 broad consensus points to the upcoming hard fork probability because the principal motivation for market uncertainty, mainstream media have already 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 conclusion of the month,” Bloomberg reported Friday, announcing Bitcoin might be “nearing an overall total meltdown.”

“That's raised the likelihood that Bitcoin will split in two, an unprecedented event that could send shockwaves through the ₦14.9 Trn ($41 bln) market.”


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